“It is crucial to the success of our payment gateway solution that the value of ACH is accurately shared throughout the ecosystem,” said Alchemy Pay CEO, John Tan. “The accuracy of Chainlink Price Feeds is underpinned by the robust technology Chainlink has deployed to protect against downtime and manipulation.”
Since the price of assets is not a data feed inherently available on the blockchain, a solution is needed to fetch it off the blockchain (off-chain) and then deliver it on-chain to be referenced when users make transactions involving different cryptocurrencies. It’s important that asset prices reflect a volume-weighted average from all trading environments, as opposed to just one exchange, to prevent inaccuracies. Chainlink decentralized oracle networks fetch and deliver the prices, as opposed to a centralized entity.
Following Alchemy Pay initial integration in 2020, Chainlink has become a key component in Alchemy Pay’s payment gateway system. In order to use Alchemy Pay’s payment facilitation services, retailers pledge ACH on the network. By collateralizing ACH, retailers are able to use Alchemy Pay systems to accept cryptocurrencies at their online and physical stores, which Alchemy Pay converts to the merchant’s required fiat currency. Transactions on the system complete in seconds at about 30% of the cost of legacy payment systems.
Alchemy Pay connects with merchants through major platforms like Shopify, Binance, and QFPay, which represent more than 2 million touchpoints worldwide.
Chainlink already helps secure tens of billions in value across DeFi and CeFi. Some of the benefits of Chainlink Price Feeds include:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and removing outliers and suspicious volumes.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain developers with a strong track record for reliability, even during high gas prices and extreme network congestion.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering.
- Economy of Scale — Chainlink Price Feeds benefit from an economy of scale, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets. This allows DeFi projects to get premium data quality and robust oracle security for a fraction of the total cost of traditional feeds.
“Our hybrid crypto-fiat system enables both crypto and fiat for everyday digital payments – large or small – in a single system,” said Tan. “This requires an accurately represented ACH token moment by moment. We can depend on Chainlink for that.”
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains. Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Alchemy Pay
Alchemy Pay is the inventor of the world’s first hybrid fiat and digital currency gateway solution for businesses and investors. Alchemy Pay powers seamless crypto and fiat acceptance for merchant networks, developers and financial institutions, and powers adoption of blockchain technology by making crypto investment and DeFi services readily accessible to consumers and institutions in the fiat economy. Today, Alchemy operates in 18 countries and regions and has touchpoints with more than 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay and more.
SOURCE Alchemy Pay