Alchemy Pay integrates Chainlink price feeds

Binance-partnered payment gateway Alchemy Pay has integrated Chainlink price feeds.

The move will provide wallet users with access to loans on DeFi platforms, as well as purchases and swaps on leading decentralised exchanges (DEXs).

The integration enables users to buy crypto on DEXs such as UniSwap and SushiSwap, and open collateralised loans on leading DeFi lending platforms directly from their wallet using its native token ACH.

Alchemy Pay chose Chainlink price feeds to ensure that wallet users receive ‘fair market exchange rates’ when purchasing and swapping assets on DEXs and that loans taken out against ACH remain stable.

According to Alchemy Pay, Chainlink has become a key component in its payment gateway system and has enabled the hybrid fiat and crypto gateway to provide users with access to highly sought-after features.

Alchemy Pay CEO, John Tan, spoke of the importance of Chainlink to the success of Alchemy Pay’s gateway solution.

“The accuracy of Chainlink Price Feeds is underpinned by the robust technology Chainlink has deployed to protect against downtime and manipulation,” he said.

“It is crucial to the success of our payment gateway solution that the value of ACH is accurately shared throughout the ecosystem.

“We can depend on Chainlink for that.”

Alchemy Pay recently partnered with Binance to ‘build a bridge’ between crypto and fiat currencies through the Binance Pay wallet. The payment gateway also unveiled the proposed launch of virtual crypto-linked cards that will support and accept more than 40 cryptocurrencies.

The virtual cards, which can be linked to digital wallets such as Google Pay and PayPal, will be accepted across millions of global merchants that use the Visa and Mastercard networks.