Alchemy Pay Now Offers Fiat On-Ramp for stETH on Lido

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May 24, 2024, 05:29 ET

SINGAPORE, May 24, 2024 /PRNewswire/ -- We're thrilled to announce our integration with Lido, the decentralized staking protocol enabling users to earn daily staking rewards on their Ethereum, where we proudly serve as the fiat On-Ramp provider. Through this collaboration, Lido has integrated Alchemy Pay's efficient On and Off-Ramp services within its ecosystem, allowing users worldwide to easily purchase and sell $stETH using their preferred payment methods and local fiat currencies.

As part of this collaboration, users can directly purchase $stETH, the Lido's liquid variant of staked ETH, with fiat on Alchemy Pay's ramp page. The $stETH balance grows daily with staking rewards and plays a pivotal role in engaging in DeFi activities such as providing liquidity on protocols like Curve and serving as collateral for loans on Aave.

Lido is the name of a family of open-source peer-to-system software tools deployed and functioning on the Ethereum, and Polygon blockchain networks. Lido enables users to mint transferable staking tokens, which receive rewards linked to the related validator activities of the blockchain. The Lido protocols batch user tokens to stake with validators and route the staking packages to network staking contracts. Currently, the total staked tokens on Lido stand at $29.7 billion.

Alchemy Pay's payment gateway now facilitates Visa and Mastercard transactions in 173 countries, along with Apple Pay, Google Pay, domestic transfers, and leading mobile wallets in emerging markets, which ensures the global accessibility for Lido users. With comprehensive support for over 300 local payment channels, the gateway provides high conversion rates and minimal fees for users seeking to acquire $stETH on Lido. This simplifies the process of buying and selling crypto with domestic currencies, making it as effortless as any other regular online payment.

Significantly, Alchemy Pay has obtained numerous licenses associated with payment services in various countries including the UK, the United States, Canada, Indonesia, and Lithuania. There are also additional licenses currently being pursued in Hong Kong and SIngapore. Demonstrating its legitimacy in the traditional payments space, Alchemy Pay has been recognized by Visa and Mastercard as an authorized third-party service provider. Its commitment to adhering to compliance and regulatory standards establishes it as a reliable fiat-crypto payment gateway, facilitating smooth transactions for both individual users and business partners.

About Lido

Lido is a decentralized staking protocol enabling users to earn daily staking rewards on their Ethereum. With Lido, users stake any amount of ETH and receive stETH in return, representing their staked Ethereum and accruing rewards over time. Take part in the Ethereum revolution with Lido.

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, Crypto Card, Web3 Digital Bank, NFT Checkout, 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 Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. The Web3 Digital Bank offers an innovative solution, allowing Web3 enterprises to open multi-fiat accounts and facilitating instant conversion between fiat and cryptocurrencies.

ACH is the Alchemy Pay network token on the Ethereum blockchain.

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SOURCE Alchemy Pay