Alchemy Pay Integrates Chainlink to Enable ACH Trading and Borrowing

  • Chainlink Price Feeds will provide Alchemy Pay users with fair exchange rates when trading ACH on DEXs.
  • The oracle solution will also enable users to collateralize DeFi loans with ACH.
Chainlink Different Unique Jigsaw Puzzle Piece

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In a press release published on 21 September, Alchemy Pay announced that it will begin using Chainlink Price Feeds. Integrating Chainlink’s oracle solution will enable its users to buy cryptocurrencies on decentralized exchanges (DEXs) and obtain loans on DeFi platforms. Users will be able to access these services directly from wallets using Alchemy Pay’s ERC-20 utility token ACH. 

Chainlink Price Feeds will provide users with fair market exchange rates when purchasing assets on DEXs such as Uniswap and Sushiswap, as well as when collateralizing DeFi loans with ACH.

Alchemy Pay first integrated Chainlink in 2020 and the oracle provider has since become an integral component of its payment gateway system. To use the company’s services, retailers pledge ACH to the network. Collateralizing ACH then enables them to accept cryptocurrencies at their online and physical stores, which Alchemy Pay then converts to the merchant’s required fiat currency.

John Tan, the CEO of Alchemy Pay, said the success of this system relies on having the value of ACH accurately shared throughout the ecosystem. The accuracy of Chainlink Price Feeds is underpinned by the robust technology Chainlink has deployed, protecting the network from downtime and manipulation, he explained.

“Our hybrid crypto-fiat system enables both crypto and fiat for everyday digital payments – large or small – in a single system,” said Tan. “This requires an accurately represented ACH token moment by moment. We can depend on Chainlink for that.”

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