Alchemy Pay has partnered with DWF Labs to raise $10 million and expand into the Korean market. The South Korean government is exploring crypto regulation.
Crypto payment gateway Alchemy Pay has announced a strategic partnership with DWF Labs, a Web3 investment firm. With this partnership, the company raised $10 million and achieved a valuation of $400 million.
Besides investment, the main motive of the partnership is to expand services into the Korean market, which continues to push crypto regulations and adoption.
Alchemy Pay Attracted to South Korean Crypto Adoption
Robert McCracken, the ecosystem lead of Alchemy Pay, says, “Korea offers a robust market base where Alchemy Pay has yet to establish a strong presence, and we aim to establish a solid foothold in the region.”
He further added:
“By utilizing our payment solutions, more Korean companies can close the division between cryptocurrencies and conventional fiat currencies and to keep pace with global economies.”
The plan to delve into South Korea comes as the officials discussed robust and wide-ranging crypto regulations. South Korean officials will also ask experts for their opinions this month.
South Korean Crypto Developments
South Korea has taken various progressive steps for crypto adoption. For example, in Feb., the government allowed the issuance of Security Token Offerings under the Capital Market Law. Also, BeInCrypto reported that Busan, one of the fastest-aging cities in South Korea, wants to bring crypto adoption to attract migration from the younger population.
South Korea has utilized blockchain technology to build public metaverses in Seoul and Seongnam.
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