The Open Network (TON) Foundation, the group in charge of the TON Network, has announced that the network’s native digital token, Toncoin (TON), is now available on Alchemy Pay. According to a company release, integrating these two systems is an attempt to close the gap between the digital token economy and the traditional payment economy.
This development follows the integration of message encryption for network payments by the foundation just days ago. With end-to-end encryption, only the sender and the recipient are now able to read the messages sent.
The significance of the partnership
When it comes to bridging the gap between cryptocurrency and fiat currencies around the world, Alchemy Pay is a market leader. It works with all major credit cards, debit cards, online banking, and mobile payment systems. Toncoin (TON), the network’s native digital token, has joined the ranks of the leading cryptocurrencies thanks to its integration on the Alchemy Pay service. This could prove to be a disruptive development in the cryptocurrency industry.
The Alchemy Pay Ramp Solution facilitates a smooth transition between fiat currency and cryptocurrencies by integrating with platforms and dApps through a plugin or API. Alchemy Pay says it places a premium on accessibility as it aims to ease the transition of the next 100 million Web3 users. Currently, it accepts payments made with a variety of methods in 173 countries, including major credit cards, debit cards, prepaid cards, e-wallets, and wire transfers.
The off-ramping feature of Alchemy Pay remits to customers in more than 50 local fiat currencies, with a special emphasis on emerging economies. In addition, stable fiat-to-crypto on-ramps are crucial for bringing in new customers to the developing blockchain industry.
TON’s layer-1 design allows for as many as 32 independent workchains, each of which can be further split into as many as 60 shardchains. It also allows for millions of transactions to be processed in a second almost instantly. These factors make the partnership with Alchemy pay potentially disruptive to the mainstream and crypto payments markets.