Singapore, September 21, 2021 — Alchemy Pay is now using Chainlink Price Feeds to enable users to buy crypto on decentralized exchanges (DEXs) and obtain loans in leading DeFi lending platforms directly from wallets using Alchemy Pay’s ERC-20 utility token, ACH.
Chainlink Price Feeds help assure users that they are receiving fair market exchange rates when purchasing assets directly via their wallets on DEXs like Uniswap, Sushiswap, and ForTube using their ACH, as well as when collateralizing DeFi loans with ACH.
“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, Bi...