Alchemy Pay Raises $10 Million at a $400 Million Market Cap to Drive South Korean Expansion Plans
Alchemy Pay, a Singapore-based payments provider, has received a $10 million investment at a $400 million valuation from market creator DWF Labs to expand its business in South Korea.
According to a statement shared with CoinDesk, the company intends to capitalize on South Korea’s “high level of crypto acceptance” and assist local businesses in attaining increased internationalization. It has previously collaborated with Visa, Mastercard, Google Pay, and Apple Pay for this purpose.
The $10 million investment in Alchemy continues DWF Labs’ recent trend of prolific investment. In the last six weeks, the market creator has backed eight crypto and Web3 initiatives with loans or financing deals totaling over $10 million. The total sum amounts to $165 million.
DWF’s managing partner Andrei Grachev recently told CoinDesk that the current negative market is “the best time to join the investment space.” We have accumulated sufficient funds from our profits to invest in initiatives at this time. ACHP, the native token of Alchemy Pay, has a market valuation of approximately $180 million.