Bit.Store Adds Alternative Payments and Pay-Outs Via Alchemy Pay
SINGAPORE, May 30, 2022 /PRNewswire/ -- Asia's leading SocialFi crypto investment platform, Bit.Store (STORE) has deepened its partnership with crypto payment provider Alchemy Pay (ACH). Further to the current credit card and paypal connections, Alchemy Pay will add popular alternative payment methods to Bit.Store including mobile wallets and domestic instant transfer services.
Furthermore, Alchemy Pay will provide Bit.Store with off-ramp capabilities, meaning their users can convert their crypto funds into over 100 local fiat currencies and have them deposited directly into their bank accounts.
These new capabilities once again highlight Alchemy Pay's impressive service within the industry and will elevate Bit.Store's app, which has already become very popular in Southeast Asia and Europe. In Indonesia, in particular, Bit.Store has become one of the top social cryptocurrency investment platforms for retail investors. The platform was launched in 2021 and has seen rapid growth. The number of users has grown 30% to 700k since the partners' first collaborated in November 2021.
With its simple and intuitive design, Bit.Store has positioned itself as a beginner-friendly investment service that allows everyday people to access crypto conveniently and securely. The simplicity of design and functionality overcomes the barrier to entry for many and the app outshines competition by cleverly leveraging social elements and exploring a new 'SocialFi' model.
Bit.Store educates inexperienced investors so they can make smarter investment decisions. It embraces the web3.0 era by allowing users to create decentralized communities for the sharing of information alongside experienced and professional investors. The app has multiple groups and forums for trading discussions, as well as up-to-date news and educational items.
Bit.Store's co-founder, Carl Moss said, "It is a big step forward to offer the flexibility of Alchemy Pay's easy, secure payments to our users. Acceptance of mobile wallets are crucial, in particular, to our Asian users where so-called alternative payments are now becoming the dominant method. Additionally, the ability to pay-out from our platform via Alchemy Pay puts us way ahead of many of our competitors."
Alchemy Pay now boasts over 300 fiat payment channels globally and is expected to integrate its crypto ramps on a larger scale in Q3 this year. John Tan, CEO of Alchemy Pay, said, "Our focus right now is on our ramps that are integrated onto crypto and web3 services. The ability to onboard users to platforms directly via global and local fiat payments, and then offer the chance to cash out again makes for a seamless, user-friendly experience. We are expecting to make a huge impact on the web3 movement with these ramps."
Bit.Store (STORE) is a SocialFi investment platform designed with beginner investors in mind. The platform gives its users access to global digital currency markets quickly and easily by supporting different money transfer methods via cooperations with a wide network of regional payment providers. The app provides a variety of features, including social trading, following, and copy trading strategies published by seasoned experts in the space, and allows experts to monetize their contribution to the platform.
About Alchemy Pay
Founded in Singapore in 2018, Alchemy Pay (ACH) is a payment solutions provider that seamlessly connects fiat and crypto economies for global consumers, merchants, and developers. It provides merchants with convenient acceptance of crypto, enables easy onboarding to blockchain ecosystems, and makes web3 services highly accessible. Today, Alchemy Pay is supported in over 70 countries with 300 payment channels, has touchpoints with more than 2 million merchants through partnerships with industry leaders such as Binance, Shopify, NIUM, and QFPay. Alchemy Pay's token, ACH, is an ERC20 native to the Ethereum blockchain.