Blockchain
Alchemy Pay’s ACH Lists on Coinone in South Korea
The world’s 14th largest cryptocurrency exchange by spot trading volume, Coinone, now supports trading and custody of Alchemy Pay’s utility token, ACH, for its market of predominantly South Korean traders. Trading of ACH began on Friday, September 3rd at 6pm KST.
South Korea has seen a huge jump in the adoption of crypto over the past 18 months, led by Coinone, with an unblemished security record.
“Coinone has built an exemplary reputation as a responsible, secure, and popular exchange,” said John Tan, CEO of Alchemy Pay. “Our listing on Coinone will be an excellent point of reference and awareness for crypto-fiat payment gateway clients in the South Korean market.”
Although the South Korean government has been receptive to cryptocurrency and blockchain technology, the increased crypto adoption among its citizens has meant the market has come under proportionate scrutiny from regulators. Among many Korean exchanges, only a few operate with identity verification procedures. Coinone is among the earliest adopters of KYC and AML guidelines. Along with Bithumb, Kobit and Upbit, Coinone is expected to be among the first exchanges to receive the complete set of regulatory approvals currently in effect for cryptocurrency exchanges in South Korea.
ACH is the ERC20 utility token that enables over 20 major cryptocurrencies to be spent by users with retailers online and in physical stores on the Alchemy Pay network. In order to use Alchemy Pay’s payment facilitation services, retailers pledge ACH on the network. Alchemy Pay uses the pool of pledged ACH as collateral to access liquidity from its larger institutional partners and payments, such as Binance and QF Pay. Transactions can occur on and offline, instantly and cheaply – at around 30% the cost of legacy card payments. This is achieved by leveraging State Channel Network and Lightning Network technology. Retailers are able to receive the payment in their local fiat currencies.
As an incentive for using this hybrid fiat-crypto payment network, retailers and customers are rewarded with ACH, a token that has risen more than 1000% in value since the start of the year as a result of its rapidly-increasing number of partnerships across the globe and a recent Coinbase listing. ACH also grants holders various shopping rewards in a similar way to a loyalty card. Alchemy Pay is also planning to launch a virtual credit card – which can be linked to digital wallets like Google Pay and Paypal – in partnership with Visa and Mastercard, which is expected to be in production with its first users by the end of 2021.
“Fully integrated fiat and crypto payments for everyday purchases have long been an ambition of cryptocurrency holders and developers,” said John Tan. “Alchemy Pay offers that, and ACH’s listing on one of the world’s largest exchanges is an indicator of growing support for the project, not only in Asia, but globally.” As a result of Alchemy Pay’s partnerships with other innovative platforms like Shopify, Binance, and QF Pay, it now has over 2 million touchpoints worldwide.
Blockchain
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Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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