Alchemy Pay Partners with DWF Labs to Secure $10 Million Funding

Singapore-based payments provider Alchemy Pay has partnered with market maker DWF Labs to expand its operations in South Korea, raising $10 million in funding at a valuation of $400 million.

According to a statement shared with CoinDesk, the company, which gives crypto companies access to the fiat payment system, aims to benefit from South Korea’s “high level of crypto acceptance” and enable local firms to become more globalized. For this purpose, the company has previously worked with companies such as Visa, Mastercard, Google Pay and Apple Pay. Crypto exchange OKX integrated Alchemy Pay into its platform last week to make it easier for customers to buy cryptocurrencies via their local currency.

The $10 million addition to Alchemy continues DWF Labs’ fruitful investment streak in recent weeks. The market maker has invested or funded at least $10 million in eight crypto and Web3 projects in the past six weeks. The total value of these investments reached $165 million.

Andrei Grachev, managing partner of DWF, recently told CoinDesk that the current bearish market is “the best time to join the investment landscape.” Alchemy Pay’s native token ACHP currently has a market cap of over $180 million.