Alchemy Pay, a payments provider headquartered in Singapore, has secured a $10 million investment from a market making and crypto venture capital firm DWF Labs, positioning the startup at a $400 million valuation as it prepares to expand its operations in South Korea.
The project, which enables other cryptocurrency companies to access the fiat payment system, plans to leverage South Korea’s high rate of crypto adoption to assist local enterprises in pursuing greater international opportunities, according to a statement provided to CoinDesk. The company’s portfolio includes previous collaborations with major players such as Visa, Mastercard, Google Pay, and Apple Pay.
In a recent development, crypto exchange OKX integrated Alchemy Pay into its platform, simplifying the process for customers to purchase cryptocurrency using their local currencies.
This $10 million injection is part of a robust investment streak by DWF Labs, which has participated in eight funding rounds of at least $10 million for crypto and Web3 projects over the past six weeks, totaling $165 million.
DWF Labs’ Managing Partner, Andrei Grachev, commented on the deal, saying that the current bearish market represents ‘the best time to join the investment space,’ adding, ‘We accumulated enough funds from our profits to invest in projects now.’
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