DWF Laboratories, a market maker, has provided Alchemy Pay, a payments service with headquarters in Singapore, with a ten million dollar investment at a valuation of four hundred million dollars as the company looks to extend its operations into South Korea.
According to a statement that was shared with CoinDesk, the company’s goal is to leverage on South Korea’s “high degree of crypto acceptability” and assist local firms in reaching more internationalization. It does this by offering a mechanism for crypto companies to access the fiat payment system. In the past, it has collaborated with payment systems such as Visa, Mastercard, Google Pay, and Apple Pay to achieve this goal.
OKEx, a cryptocurrency exchange, integrated Alchemy Pay into its platform the week before last, making it simpler for clients to acquire cryptocurrencies using the currencies of their home countries.
The injection of $10 million into Alchemy is just the latest in a string of successful investments made by DWF Labs in recent weeks. In the past month and a half, the market maker has already lent its name to eight investments or fundraising rounds totaling at least $10 million that have been made into cryptocurrency and Web3 initiatives. The sum of everything adds out to $165 million in total.
The bearish market that we are currently in is “DWF’s managing partner Andrei Grachev stated in a recent interview with CoinDesk that “now is the perfect moment to join the investment area.” “Thanks to the success of our business, we have amassed sufficient capital to engage in new ventures at this time.” ACHP, the native token of Alchemy Pay, now has a market cap of somewhat more than $180 million.