Alchemy Pay (ACH) Collects IDR 149 Billion Funding From DWF Labs

Alchemy Pay received funding from DWF Labs. (Photo; Doc. Alchemy Pay)

JAKARTA Payment service providers from fiat to crypto, Alchemy Pay, based in Singapore, have managed to raise US$10 million (Rp149 billion) in fully funded investments by market maker DWF Labs. The proceeds from this investment resulted in an increase in Alchemy Pay's valuation to US$400 million (Rp5.9 trillion). This was reported in a recent press release.

Alchemy Pay focuses on utilizing crypto-friendly properties in South Korea. Alchemy Pay is trying to be at the forefront of how crypto companies in South Korea can gain better global recognition and expansion. To achieve this goal, Alchemy Pay has partnered with several other payment services, including Apple Pay, Visa, Mastercard, and Google Pay.

In addition, the OKX crypto exchange has also recently integrated Alchemy Pay into its platform. At that time, Alchemy announced that this integration allowed OKX users to buy cryptocurrencies with fiat currencies.

Not only that, the increase in funds of 10 million US dollars (Rp149 billion) recently obtained by Alchemy Pay, is fully funded by market maker DWF Labs. This investment adds to the list of DWF Labs investments in recent weeks.

In the past six weeks, DWF Labs has been involved in no less than eight crypto-focused investments. With each investment worth at least US$10 million (Rp149 billion), this market maker has invested around US$165 million (Rp2.5 trillion) in total in the last six weeks.

DWF manager, Andrei Grachev, said that there is no better time to invest other than in the market that is declining as it is today. Grachev also added its focus on investing in crypto.

"We are raising enough funds from our profits to invest in current projects," Andrei Grachev was quoted as saying by Coingape.

At the time of writing, ACH tokens published by Alchemy Pay are trading at IDR 530 per token. ACH saw an increase of 13.8 percent in one week. While in the last 24 hours, ACH rose 2.7 percent as data reports from Coingecko.