Alchemy Pay, a protocol for crypto-to-fiat settlements, has raised $10 million from DWF Labs to expand its business in South Korea. The Singapore-based firm said in a statement the funding brings its valuation to the $400 million mark.
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Although the details of the partnership between DWF Labs and Alchemy Pay were not disclosed, the firm said the deal would help it capitalize on the region's "high level of cryptocurrency acceptance."
Managing Partner at DWF Labs, Andrei Grachev, says the partnership will provide "more opportunities for businesses and consumers to embrace the benefits of digital assets and Web3 technologies."
Founded in 2018, Alchemy Pay has already established a coverage area encompassing Europe, Northern and Latin America, and Southeast Asia.
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