Alchemy Pay announced a new partnership with Chainlink that includes the integration of its price feds. Alchemy plans to improve its DeFi products and also offer fair prices in the crypto payment system.
Decentralized Price Feeds For Crypto Payment Systems
The oracle solution from Chainlink offers accurate and decentralized price feed for customers. Alchemy Pay can leverage the system and expand its financial services by providing more reliable payment and saving products.
Alchemy focuses on the reliability and security of its services as a competitive advantage. To provide the highest protection level, they need a robust underlying network to power the data flow for DeFi products. The new integration helps Alchemy Pay expand offerings and help more developers make products on the platform.
Helping consumers with a fair price source is one of the most fundamental reasons Alchemy is using Chainlink.
Alchemy Pay’s Co-founder and CEO 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.”
Alchemy provides a hybrid payment system that supports both fiat and cryptocurrencies. It needs access to accurate data from exchange rates to offer a fair price to consumers.
Users pay in their preferred currency in this system, and merchants will receive it in whatever currency they want. This procedure needs swapping the currencies and surely needs accurate exchange rate data.
Real-time accurate data is the critical need for Alchemy Pay to expand DeFi products.
“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,” said Alchemy Pay’s Head of Product, Shawn Shi.
The new partnership with Alchemi Pay helps Chainlink grow its presence in the DeFi ecosystem faster. They are now one of the market’s leading players and have been on most headlines in the past months.
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