Alchemy Pay Uses Chainlink To Enable Trading On Decentralized Exchanges And Borrowing In DeFi Using ACH – Bitcoin News Press Release
PRESS RELEASE. Singapore, September 22, 2021 – Alchemy Pay now uses Chainlink Price Feed to allow users to buy crypto on decentralized exchanges (DEX) and get loans on major DeFi lending platforms directly from wallets using Alchemy’s ERC-20 utility token Pay, ACH.
Chainlink price feeds help ensure users that they are receiving fair market exchange rates when they purchase assets directly through their wallets on DEXs like Uniswap, Sushiswap, and ForTube using their ACH, as well as when guaranteeing DeFi loans with ACH.
“It is crucial to the success of our payment gateway solution that the value of ACH is accurately shared across the ecosystem,” said John Tan, CEO of Alchemy Pay. “The accuracy of Chainlink Price Feeds is underpinned by the robust technology that Chainlink has deployed to protect against downtime and manipulation.”
Since asset pricing is not an inherently available data flow on the blockchain, a solution is needed to extract it from the blockchain (off-chain) and then deliver it to the chain to be referenced when users perform transactions. transactions involving different cryptocurrencies.. It is important that asset prices reflect a volume weighted average of all trading environments, as opposed to a single exchange, to avoid inaccuracies. Oracle decentralized Chainlink networks collect and deliver prices, as opposed to a centralized entity.
Following the initial integration of Alchemy Pay in 2020, Chainlink has become a key part of the Alchemy Pay payment gateway system. In order to use Alchemy Pay’s payment facilitation services, retailers commit to ACH on the network. By guaranteeing the ACH, retailers can use Alchemy Pay systems to accept cryptocurrencies in their online and physical stores, which Alchemy Pay converts into the fiat currency required by the merchant. Transactions on the system complete in seconds at around 30% of the cost of existing payment systems.
Alchemy Pay connects to merchants through major platforms such as Shopify, Binance, and QFPay, which represent over 2 million touchpoints worldwide.
Chainlink is already helping secure tens of billions of values through DeFi and CeFi. Some of the benefits of Chainlink price feeds include:
- High quality data – Chainlink Price Feeds source of data from many premium data aggregators, leading to aggregate price data from hundreds of exchanges, volume weighted, and removing outliers and suspicious volumes.
- Secure node operators – Chainlink price feeds are secured by independent, security-controlled, Sybil-resistant oracle nodes managed by leading blockchain developers with a strong track record of reliability, even during high gas prices and extreme congestion of the network.
- Decentralized network – Chainlink price feeds are decentralized across the data source, Oracle node and Oracle network, generating strong protections against downtime and tampering.
- Economy of scale – Chainlink Price Feeds benefits from an economy of scale, where increasing adoption allows multiple projects to collectively use and fund shared Oracle networks to retrieve commonly needed datasets. This enables DeFi projects to achieve superior data quality and robust Oracle security at a fraction of the total cost of traditional flows.
“Our hybrid crypto-fiat system enables both crypto and fiat for daily digital payments – large or small – in one system, ”Tan said. “It requires an accurately represented ACH token at all times. We can count on Chainlink for this.
Chainlink is the industry standard for creating, accessing, and selling the Oracle services needed to power hybrid smart contracts on any blockchain. Oracle Chainlink networks provide a way for smart contracts to reliably connect to any external API and leverage secure off-chain computations to activate feature-rich applications. Chainlink currently secures tens of billions of dollars in DeFi, insurance, gaming, and other major industries, and provides global businesses and major data providers with a universal gateway to all blockchains. Learn more about Chainlink by visiting chain link or read the documentation on docs.chain.link. To discuss an integration, contact an expert.
About Alchemy Pay
Alchemy Pay is the inventor of the world’s first hybrid fiat and digital currency gateway solution for businesses and investors. Alchemy Pay enables transparent acceptance of crypto and fiat for merchant networks, developers, and financial institutions, and drives adoption of blockchain technology by making crypto investing and DeFi services easily accessible to consumers and businesses. fiduciary economy institutions. Today, Alchemy operates in 18 countries and regions and has touchpoints with over 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay and more.
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