Alchemy Pay

Alchemy Pay

ACHP
$0.03059827
-4.30%
$0.03045003

24H Price

$0.03236472


About Alchemy Pay

The Alchemy Pay price is $0.03059827, a change of -4.30% over the past 24 hours as of 8:40 p.m. The recent price action in Alchemy Pay left the tokens market capitalization at $151.27M. So far this year, Alchemy Pay has a change of 43.23%. Alchemy Pay is classified as a Currency under CoinDesks Digital Asset Classification Standard (DACS).

ACH price

The ACH token reached its all-time high price of 19.9 cents in July 2021 and has been mostly on a downslope ever since. Its market capitalization has never cracked $500 million.

The token is built using the Ethereum blockchain's ERC-20 standard, with the total supply capped at 10 billion.

Some 38% of the tokens went to stakeholders, including to the founding team, advisers and business partners. The other 62% was set aside as rewards for enterprises and consumers. Many of those tokens are being unlocked in equal portions every month. That process, which started seven months after the first tokens were released, is supposed to last 60 months.

How does Alchemy Pay work?

The network relies on "partners at the users' end, partners at the merchant/business end, partners of transaction service networks and our developer community."

In one scenario, developers in the digital entertainment industry could use the platform as part of a game payment product, in conjunction with an Alchemy Pay node. In another, a customer can use the platform to pay a retailer in crypto.

"Alchemy Pay's transaction processing system generates the payment transaction order," according to the white paper. A QR code is created that the user can then scan and pay – with a wallet app. The transaction order is written into a blockchain payment network.

"Users can also pay through the Lightning Network with a similar process," the white paper reads. The Lightning Network is a blockchain-based payment system.

Other use cases include loyalty points programs, escrow payments, local currency exchanges and credit lending, according to the project.

According to Alchemy Pay's website, ACH tokens are pledged, rewarded and paid as fees to drive and incentivize all of the ecosystem’s functions.

Payments companies buy and lock up ACH tokens in proportion to their network size and projected transaction volumes.

Users who pay network fees using the ACH token receive discounts, and consumer transaction rewards are earned through spending rebates.

The ACH tokens also "confer voting rights in token governance or community scenarios," according to the white paper.

"Individuals or groups with more than 5% of ACH's existing circulating supply can submit a proposal for votes. Proposals are executed if total votes exceed 10% of ACH’s current circulating supply and more than 51% of the votes are in agreement," the white paper reads.

According to Alchemy Pay, major risks include:

  • Adverse regulatory actions.
  • Competition.
  • The possibility that the ACH Network "will not be executed or implemented as planned."
  • Security weaknesses and vulnerability to hackers.

Key events and management

Sept. 4, 2019: ACH token is premined at a cap of 10 billion tokens.

Sept. 7, 2020: ACH token is listed on Huobi crypto exchange

Aug. 3, 2021: ACH token is listed on the Coinbase crypto exchange.

Entrepreneur Shawn Sh, the project’s chairman, co-founded Alchemy Pay. Previously, he was vice president of technology at ZhongAn, a Chinese insurance company. Before that, he served as head of marketing at the cybersecurity company Qihoo 360.

CEO John Tan previously worked for payments companies and public-relations firms, and had consulted for Fortune 500 companies, including Honeywell, RSA and DBS Bank, according to Alchemy’s website.

Molly Zhang, a senior adviser, worked in the payments industry, serving as a senior consultant for PayPal China and holding positions at HSBC China, GE Money and MasterCard China, according to Alchemy’s website.

Read less...
Sponsor LogoBuy crypto on a secure, trusted platform.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to lose all the money you invest.

Latest About Alchemy Pay

View All
close up of Mastercard logo and hologram on a payment card
Mastercard’s Latest Crypto Loyalty Scheme Aims to Plug Google Pay Gaps

Mastercard is working with emerging markets-focused mobile payments app Swoo Pay to offer loyalty rewards in cryptocurrency.

close up of Mastercard logo and hologram on a payment card
Singapore-based cryptocurrency exchange Zipmex said it has received an offer from an interested party with due diligence processes able to commence. (Michal Jarmoluk/Pixabay)
Troubled Crypto Exchange Zipmex Proposes to Pay Creditors 3.35 Cents on the Dollar: Bloomberg

Major creditors are opposed to the restructuring plan and have requested an independent review.

Singapore-based cryptocurrency exchange Zipmex said it has received an offer from an interested party with due diligence processes able to commence. (Michal Jarmoluk/Pixabay)
Sam Bankman-Fried leaves a federal court in Manhattan following a hearing to dismiss some of the charges leveled against him. (Elizabeth Napolitano / CoinDesk)
Sam Bankman-Fried Used Mackerel to Pay For a Haircut in Brooklyn Detention Center: WSJ

SBF was also seen giving crypto tips to prison guards, WSJ reported.

Sam Bankman-Fried leaves a federal court in Manhattan following a hearing to dismiss some of the charges leveled against him. (Elizabeth Napolitano / CoinDesk)
The Avalanche booth at HBC 2022 (Danny Nelson/CoinDesk)
Republic's Profit-Sharing Token on Avalanche Will Pay Investors VC Dividends

The latest entrant to crypto's RWA craze gives upside on Republic's venture portfolio.

The Avalanche booth at HBC 2022 (Danny Nelson/CoinDesk)

The latest price moves and insights with Helene Braun, Octavio Marenzi, CEO and Founder at Opimas, and Kyle Bligen, Director of Financial Policy at the Chamber of Progress. Read more...

CoinDesk Indices

View All
Top Indices including Alchemy Pay
Logo
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 05/22/24 8:40 PM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.