Alchemy Pay to Integrate Chainlink Price Feeds to Power DeFi Products and Fair Crypto Payments
Alchemy Pay, a pioneer in hybrid crypto and fiat payment solutions, is integrating Chainlink’s widely used Price Feeds to help power DeFi products in its DeFi platform as well as set fair market exchange rates on its crypto payments gateway system.
By integrating Chainlink, we are able to decentralize and expand Alchemy’s financial services, providing our users with highly accurate and transparent decentralized price feeds to power more reliable payments and secure future financing and investment products across crypto and traditional assets.
We feel confident using Chainlink’s market leading solution, as it provides the most widely adopted and trusted price feeds in the DeFi market, collectively securing billions of dollars in value for many top DeFi applications. Chainlink’s Price Feeds are secured by a decentralized on-chain network of secure node operators, who source data from a multitude of high-quality data aggregators. This ensures highly accurate and available price feeds that are resistant to manipulation and transparent to our platform users.
Building DeFi Services with Secure and Reliable Data Feeds
The future of decentralized finance has the potential to unlock a wide array of cost efficiencies and utilities for institutions and consumers alike. However, amidst the DeFi boom, consumers are left clueless about what DeFi services are safe, available, or suitable for them. Likewise, DeFi service providers struggle to market their services to their target audiences.
Alchemy’s DeFi platform rectifies these challenges by bringing together the industry’s finest and most relevant DeFi services for consumers through integration with third-party dApps and DeFi providers that have passed Alchemy’s stringent selection and KYC process. These DeFi services are then made directly available in the Alchemy wallet for users to leverage as needed.
A key component of building a robust DeFi platform is having reliable exchange rates that allow users to interact with any of these services using whatever currency they desire. As such, we will be integrating Chainlink’s price feeds to enable a wide variety of payment methods on Alchemy for DeFi services. Additionally, these price feeds will serve as a foundational tool that developers can leverage to launch new DeFi products directly on Alchemy, such as to price collateral in new lending applications.
Commenting on the benefits of the integration for both the platform’s users and service providers, Alchemy Pay’s Co-founder and CEO Ms. Molly Zhang said,
“Accurate and real-time data not only ensures consumers get fair and reliable services on the platform, it further enables service providers to easily collaborate on new DeFi offerings in a trustless manner that would otherwise require a much lengthier and cumbersome due diligence process.”
Fair Market Exchange Rates for Crypto Payments
In addition to servicing our DeFi platform, our payments solution will also leverage Chainlink Price Feeds. Alchemy Pay’s core payment businesses require a multitude of risk management and hedging strategies, especially when dealing with volatile assets such as cryptocurrencies, to minimize transactional risks. While risk management tools, such as on-chain analytics and anti-fraud systems, go a long way in mitigating risks, access to accurate and timely data is the fundamental requirement in building a robust payment system, particularly when setting exchange rates.
As such, Alchemy’s hybrid crypto and fiat payment system will begin using Chainlink’s price feeds to help determine exchange rates for crypto payments. Merchants can then get paid in whatever currency they want, such as fiat currencies, while users can pay in their preferred currencies, both with the understanding that they are getting a fair market exchange rate. This price data will be a critical component to Alchemy building bridges to traditional finance and encouraging merchant adoption of cryptocurrencies.
Commenting on the integration, Alchemy Pay’s Head of Product, Mr. Shawn Shi said,
“Having Chainlink’s real-time and accurate price feed for crypto-assets will ensure paying customers at our global network of merchants receive the fairest value when making crypto payments — a huge leap for mainstream adoption of cryptocurrencies in the world of payments.”
About Chainlink
If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Bancor; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
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