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Alchemy Pay Partners DWF Labs for Korean Market Expansion

The Singapore-based payment gateway aims to establish a foothold in Korea, a region where it currently has a limited presence.

Photo by Chan Young Lee / Unsplash

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Alchemy Pay has secured $10 million in funding from multi-stage web3 investment firm DWF Labs as part of a strategic partnership to expand its payment services in Korea, the Singapore-based payment gateway announced on Monday.

Alchemy Pay's estimated valuation during the funding phase was $400 million. The funding will be used to expand Alchemy's payment business in Korea, capitalize on the region's high level of cryptocurrency acceptance, and assist Korean enterprises in achieving greater internationalization, the company said.

Founded in 2018, Alchemy Pay has established an extensive coverage area encompassing Europe, Northern and Latin America, and Southeast Asia, with over 300 local alternative payment channels. The company recently introduced an NFT Checkout service, which enables customers to acquire NFTs using fiat payment options.

Korean web3 wave

"The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Alchemy Pay in entering the Korean market and expanding its payment services in the region," stated Robert McCracken, the ecosystem lead of Alchemy Pay.

These investments come as South Korea actively attempts to strengthen its web3 sector. In February 2022, the country invested US$185 million to develop its metaverse ecosystem, and has continued to build ever since.

Related: South Korea Pumps $51M Into Metaverse Projects Amid Web3 Push

Even the city of Busan is embracing crypto to the extent of striving to become a crypto hub of its own to combat the region's aging population.

"Korea offers a robust market base where Alchemy Pay has yet to establish a strong presence, and we aim to establish a solid foothold in the region," McCracken added.

Related: More Crypto Regulation on the Cards in South Korea

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