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Alchemy’s new raise of $10 million was single-handedly funded by market maker DWF Labs.
Singapore-based payments provider Alchemy Pay has taken its expansion efforts a bit further. Alchemy Pay raised $10 million in investment funding to reach a valuation of $400 million, according to a press release.
Alchemy Pay Keen on Expanding Its Business
For what it’s worth, Alchemy Pay has been focused on leveraging the crypto-friendly nature of South Korea to its fullest capacity. According to a recent statement by the firm, it aims to be at the forefront of how crypto firms in South Korea can gain more global recognition and expansion.
To this end, it has partnered with several other payment services including Apple Pay, Visa, Mastercard, and Google Pay. And while these multiple partnerships are yet active, crypto exchange OKX also recently integrated Alchemy Pay into its platform. At the time, Alchemy announced that the integration means that OKX users may now buy crypto with fiat currencies.
Meanwhile, it is worth mentioning that Alchemy’s new raise of $10 million was single-handedly funded by market maker DWF Labs. Interestingly, the investment is just one of many such investments for DWF Labs which has been on an investment spree in recent weeks. In the last six weeks, DWF Labs has been involved in no less than eight crypto-focused investments. With each of the investments worth at least $10 million, the market maker has now invested about $165 million in total in the six weeks.
Speaking about the company’s investment streak, DWF’s managing partner Andrei Grachev says there is no better time than a bearish market as the current one. Grachev also added:
“We accumulated enough funds from our profits to invest in projects now.”
ACHP Jumps 7%
As expected, Alchemy Pay’s native token (ACHP) is responding positively to the news of investment funding. According to CoinMarketCap data, the token is up by 7.61% in the last 24 hours and is currently trading at $0.03712. The market capitalization has also added some extra mullions and currently sits just above the $185 million mark.