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Alchemy Pay teams up with Polygon zkEVM for fiat-crypto on-ramps



Alchemy Pay announced its deployment on Polygon’s new zkEVM chain. This strategic move positions Alchemy Pay as a pioneer among fiat-crypto on-ramp providers within the zkEVM ecosystem, enabling users worldwide the ability to purchase cryptocurrencies using their local fiat payment methods.

Alchemy Pay is a pioneering payment gateway that serves as a crucial bridge between traditional finance and the world of cryptocurrencies. It connects the crypto and fiat economy with its on-ramp infrastructure.

Alchemy Pay’s extensive capabilities facilitate seamless payments through well-known platforms such as Visa, Mastercard, Discover, and Diners Club, covering an impressive 173 countries.

Polygon zkEVM is an Ethereum Layer 2 scaling solution that utilizes cryptographic zero-knowledge proofs, specifically ZK-Rollup, to enhance off-chain transaction processing. 

It enables developers to leverage familiar Ethereum tools and code while benefiting from improved throughput and reduced fees. ZK-Rollup executes smart contracts by publishing zero-knowledge proofs while remaining compatible with Ethereum Virtual Machine opcodes. 

Through the integration of Alchemy Pay on Polygon, developers working with Polygon’s zero-knowledge proof network can utilize Alchemy Pay’s plugin to facilitate the deployment of user-friendly payment processing products.

Expansion with new value created

Jack Melnick, Head of DeFi Business Development at Polygon Labs, expressed his excitement about the partnership with Alchemy Pay. 

He anticipates substantial value exchange between the two platforms. Regarding Alchemy Pay, he envisions how the payment gateway will assist in simplifying Web3 user onboarding through the Polygon zkEVM blockchain. 

Melnick, who views Alchemy Pay as a user-friendly bridge to the world of cryptocurrencies, noted that the Polygon zkEVM community is eagerly anticipating the deployment of Alchemy Pay’s services, underlining the positive impact it can have on the ecosystem.

Polygon has been a stretch to improve its Infrastructure and expand its reach around the world both in the Web2 and Web3 space. 

Within this year, it has upgraded to a ZK-proof platform, introduced an advanced platform, and is preparing to launch an upgraded token, POL; and partnered with Salesforce, Etihad, Central Bank of Italy, SK Telecom, FIBA, Casio, and more.

Read also; Polygon to add new features to its zkEVM mainnet beta upgrade

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