Business News Report
September 25, 2023

Alchemy Pay’s Fiat On-Ramp Integrates SEI For Instant Token Purchase

In Brief

The native token $SEI from Sei Network is now integrated into Alchemy Pay’s fiat-crypto on-ramp.

Sei Network users can now purchase its native token via Alchemy Pay using fiat.

Sei Network today announced that its native token, $SEI, has been integrated into Alchemy Pay’s fiat-crypto on-ramp. This integration provides the Sei ecosystem with a payment gateway incorporating Visa, Mastercard, Apple Pay and Google Pay.

“With Alchemy Pay, applications on Sei can now seamlessly connect with traditional fiat currencies for businesses, developers, and users around the world,” Jeff Feng, Sei co-founder, said in a statement.

Sei, an open-source Layer-1 blockchain, launched its mainnet beta in August, with the SEI token listed on major exchanges simultaneously. The blockchain aims to drive the mass adoption of digital assets by being a Layer 1 optimized for crypto trading, Web3 gaming, NFT marketplaces, or decentralized exchanges (DEX).

Shortly after launching its mainnet, SEI hit a trading volume of $1.3 billion with a fully diluted market cap of $2.7 billion in 24 hours. The token reached an all-time high of $0.43 on Aug 16 before plummeting to its current price of $0.11, according to CoinGecko.

Sei’s airdrop also garnered criticism from its community due to technical issues and a meagre payout.

The blockchain network claims that more than 150 teams are transitioning to its mainnet from Ethereum, zkSync, Solana, Avalanche (Avax), Polygon, and Sui. Its team comprises former Google, Goldman Sachs, Robinhood, Nvidia, and Databricks veterans. 

In April, the blockchain network raised over $30M from investors including Multicoin, Jump, Coinbase Ventures, Flow Traders, Anchorage, LayerZero, and StepN. 

Alchemy Pay asserts that it offers global coverage spanning 173 countries, allowing users to purchase cryptocurrencies using fiat payment methods. These include Visa and Mastercard, Apple Pay and Google Pay, as well as localized mobile wallets and domestic transfers.

Disclaimer

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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