Alchemy Pay Deploys on Polygon zkEVM as an Early Stage On-Ramp Provider

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Sep 06, 2023, 00:53 ET

SINGAPORE, Sept. 6, 2023 /PRNewswire/ -- Alchemy Pay is deploying its payment services on Polygon's new zkEVM chain, to be one of the first fiat-crypto on-ramp providers to support the zkEVM ecosystem. Users of the network from all over the globe can now purchase cryptocurrencies using their preferred local fiat payment methods.

Developers building on the new zero-knowledge proof network can now benefit from Alchemy Pay's direct-to-customer plugin, which can be easily integrated and deployed by dApps and platforms with minimal cost and hassle. Alchemy Pay has supported tokens and projects on Polygon mainnet since 2021, and as one of the world's premiere fiat-crypto payment gateways, it has been selected as one of the first ramp providers to integrate its on-ramp service on Polygon's new chain.

"It's exciting to see projects like Alchemy Pay help to improve the onboarding and usability of the Polygon zkEVM blockchain" Jack Melnick, Head of DeFi BD at Polygon Labs, "Alchemy Pay truly acts as a user-friendly gateway to the crypto spaces for users. The Polygon zkEVM ecosystem is very excited for this deployment."

Polygon zkEVM Architecture & Benefits

Polygon zkEVM is an Ethereum Layer 2 scalability solution that uses cryptographic zero-knowledge proofs to offer validity and quick finality to off-chain transaction computation, also known as a ZK-Rollup. Developers on Polygon zkEVM can use the same code, tooling, apps, etc that they use on Ethereum, but with higher throughput and lower fees.

The ZK-Rollup executes smart contracts transparently, by publishing zero-knowledge validity proofs, while maintaining opcode compatibility with the Ethereum Virtual Machine. This documentation explains the finer details of zkEVM's sub-components, including the zero-knowledge Prover (zkProver), the State Machines used in the zkProver, the zkEVM Bridge smart contract, and the special toolings that enable the Polygon zkEVM to achieve its objectives.

Developers are able to deploy their existing smart contracts to the zkEVM, and users can deposit assets from Ethereum and transact off-chain. These transactions are grouped into batches with zero-knowledge proof attesting to the validity of each transaction. This means the network inherits the security of Ethereum.

Alchemy Pay: Truly Global Fiat-Crypto Services

Alchemy Pay's payment gateway enables payments using Visa, Mastercard, Discover, and Diners Club across 173 countries, along with domestic transfers and mobile wallets in developing markets. Its user-friendly KYC process, low fees, and exceptional conversion rates make buying and selling cryptocurrencies with local currencies as convenient as any typical online payment. Alchemy Pay's extensive network features over 300 fiat payment channels, allowing its checkouts to go beyond card payments and tap into local mobile wallet options.

Founded in Singapore in 2017, Alchemy Pay seamlessly connects crypto with traditional fiat currencies with its on & off Ramp solution, NFT checkout, white label crypto-funded cards and crypto payments.

Polygon zkEVM Further Information
https://polygon.technology/polygon-zkevm

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its On & Off Ramp solution, NFT Checkout, Crypto Card and Crypto Payments, Alchemy Pay supports payments in 173 countries. The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The NFT Checkout enables direct purchases of NFTs using fiat payment methods. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. ACH is the Alchemy Pay network token on Ethereum and BNB Chain.

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SOURCE Alchemy Pay