Alchemy Pay Unveils ‘the Web3 Digital Bank,’ ACH Price Rallies 10%
Alchemy Pay, a prominent player in the fiat-crypto payment solutions arena, has recently achieved a significant milestone with the announcement of its new venture, the Web3 Digital Bank. This initiative is set to revolutionize how multi-fiat accounts are opened and operated, streamline cash flows, and enable seamless conversions between fiat and cryptocurrency for global Web3 businesses. By keeping its audience at the forefront of the latest fintech advancements, Alchemy has marked a monumental stride with this development.
Meanwhile, amid the announcement’s surfacing in the market, ACH, the native token of Alchemy Pay, rallied nearly 10%, captivating crypto investors’ attention across the globe. Here’s a closer look into the announcement and ACH’s current price movements.
Alchemy’s Web3 Digital Bank: What’s In Store?
According to the firm’s official statement released today, May 21, this latest initiative is inspired by Ripple’s model for cross-border payments, which aims to address challenges while also fostering new innovative solutions. In context, cross-border payment challenges have emerged as a mental maze for Web3 entities, aiming to eradicate which Alchemy ruled out plans to launch the Web3 Digital Bank.
Leveraging its licenses and compliance capabilities, Alchemy Pay remains poised to introduce online payment and banking solutions for businesses within regulatory jurisdictions. Integrating Alchemy Pay’s products and banking offerings will mandate seamless conversions between fiat and cryptocurrencies within a single bank account.
Further, Alchemy’s Web3 Digitial Bank also remains poised to offer aid to Web2 companies looking to venture into the realm of crypto industry investments. In its statement, the firm claimed, “Serving as the bridge between fiat and crypto global economies, Alchemy Pay is dedicated to offering real-world services that seamlessly link Web2 and Web3 for businesses and users worldwide, promoting a more inclusive and equitable financial landscape.’
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ACH Price Rallies 10%
As of writing, ACH’s price chart illustrated gains worth 10.44% in the past 24 hours and is currently trading at $0.0322. Its 24-hour lows and highs are $0.02899 and $0.03236, respectively.
Coinglass data revealed an 18.53% increase in the token’s Futures and Options OI, reaching $11.34 million, followed by a derivatives volume upswing of 81.03% to $38.73 million. This data underscored a strong market uptrend for ACH at press time, further aligning with the optimism from the abovementioned announcement.
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