Alchemy Pay, a provider of cryptocurrency payments, has introduced Alchemy Chain, a new layer-1 blockchain created to streamline the integration of fiat and cryptocurrencies. Developed on the Solana Virtual Machine (SVM) architecture, this blockchain is set to support Alchemy Pay’s payment ecosystem by providing a scalable infrastructure for handling high transaction volumes.
Understanding Alchemy Chain
Alchemy Chain is designed to establish a seamless connection between fiat and cryptocurrency payments, serving as a link between traditional and digital finance. The new blockchain will utilize a Trusted Proof of Authority (TPoA) mechanism to enhance security and transaction speed. It supports both ACH and fiat payments to cover gas fees, giving users more flexibility in managing transaction costs.
In addition to its primary functions, Alchemy Pay intends to offer a range of tools to support developers and meme coin projects. These tools include a “Meme Launchpad” to assist creators in easily launching meme-based tokens and a user-friendly interface for interactions within the Alchemy ecosystem through the “Meme Telegram Bot.”
ACH Price Surge Following Announcement
After the announcement of Alchemy Chain, the native token of Alchemy Pay, ACH, experienced a surge in price. According to cryptocurrency analyst CryptoBull_360, the ACH token saw a 13% increase after testing a critical support level. Following the bounce from the support level, ACH rose to approximately $0.0097, indicating strong market interest due to increasing transaction volumes. If the upward trend continues, resistance levels of $0.01 and $0.0115 are expected.
Analysts predict that if the upward trend persists, ACH could rise by up to 450%, potentially reaching $0.11087. A 482.83% increase in ACH derivatives, reaching $60.61 million, reflects a growing interest in ACH price movements. Additionally, open positions reaching $10.70 million indicate a substantial amount of outstanding contracts.
Alchemy Pay’s new blockchain and its accompanying tools are strengthening the company’s position within the crypto ecosystem, increasing the visibility of the ACH token in the market. Ultimately, Alchemy Pay’s initiatives aim to address the needs of both developers and users, reducing the gap between digital and traditional finance.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
