Alchemy Pay at Consensus 2022
At the same time that the world was watching the sudden decline of crypto’s market cap, Coindesk’s annual Consensus conference demonstrated beyond any doubt that the economy and development in this space are stronger than ever.
The entire crypto and blockchain industry was in attendance it seemed, and the event was an opportunity to meet with peers and potential partners. Austin, Texas in a June heatwave provided the sweltering backdrop to a finely organised and inspirational conference.
Consensus 2022 Speakers
Among the highlights of the impressive roster of speakers were the likes of Sam Bankman-Fried (CEO of FTX), Changpeng Zhao (Founder & CEO of Binance), Edward Snowden, and Dan Schulman (CEO of PayPal).
All sectors of the crypto industry were well represented, from payments to NFTs. For Alchemy Pay, it was a great opportunity for face-to-face meetings. In the payments space, the creation of a robust, global network of providers is key to success so these kinds of networking events have great value. Raising awareness of our mainstream-friendly solutions is also crucial, particularly as Alchemy Pay is on the cusp of releasing its high-performance crypto on/off ramps.
Alchemy Pay’s Workshop
As well as our team members taking part in a number of panel discussions and satellite events, our Ecosystem Lead, Robert McCracken, gave a workshop to a packed room at the Hilton Hotel (Consensus 2022’s main venue).
‘Practical Crypto Payments and Accessible Web3’ explained the various ways in which merchants and businesses can easily accept crypto for their goods and services and the point was made that these solutions already exist today — this is not just an idea for the future but something possible now. He went on to discuss how ramp plugins can allow new and expert users to participate in web3 applications far more easily than ever before.
‘Hands On’ or ‘Hands Off’ Crypto Acceptance
While some crypto-related businesses may choose a ‘hands on’ approach to crypto acceptance in which they receive hold crypto, most merchants will prefer the ‘hands off’ approach. Alchemy Pay facilitates the hands-off approach as a third-party solution that accepts crypto on behalf of the merchant. The inbound crypto is then converted via our OTC and crypto exchange partners at real-time prices to the merchant’s local legal tender and paid out using remittance firms around the globe.
This hands-off approach is easy to implement and cuts out issues with price volatility. And due to blockchain’s ability to bypass the slow and costly banking reconciliation process and chargeback risk, the transactions cost our merchants just 1% and settle in 1–2 days. This all represents a huge step forward in payments and in the appeal of cryptocurrency as a medium of exchange.
Alchemy Pay Crypto Ramps For Web3 Access
In announcing the coming of Alchemy Pay’s crypto on/off ramps McCracken spoke of the main obstacle to web3 adoption — the gap that exists between fiat and crypto. Crypto is the key that allows participation in web3 services but too often DApps and networks lack mainstream-friendly possibility for purchase of crypto. Direct payments are crucial by bringing users into DApps directly via standard fiat payment methods.
The process of newcomers entering the space is overwhelming. The steps that can be cut out by Alchemy Pay’s ramps are impressive: Setting up an account with an exchange, depositing funds, making a trade, downloading a web3 wallet, transferring crypto to it, and connecting with a web3 service are some of the steps that can be removed. From the perspective of creators and developers, it is a crucial improvement to have users enter directly via Alchemy Pay’s ramp plugin that is integrated into their site. From the point of view of the user, in particular a newcomer, it is so much easier because they can simply use credit or debit cards, mobile wallets, or bank transfers to enter a web3 DApp.
Furthermore, the ramps allow for users to exchange crypto back to local fiat currency and have the funds remitted to their bank accounts. This really is the seamless movement between fiat and crypto economies that the industry needs to increase accessibility to newcomers for mainstream adoption.
Accessing Web3 and Crypto Payments: The Future is Now
For so long the discussion has always been about the future but the truth is that mainstream-friendly solutions for fiat-crypto payments exist and function now. Alchemy Pay’s comprehensive network is spearheading a new movement in payments and our bridge between crypto and fiat economies has never been more solid! Consensus was a huge global event for the industry and the opportunity to demonstrate what our sector and our business is currently capable of was welcomed by DApp developers and blockchain networks.
Watch Alchemy Pay’s Consensus 2022 workshop: https://youtu.be/_WI1Ml-vfBs
Find out more: alchemypay.org