Binance announced this Monday, January 10, through its Twitter account, the launch of a new listing on the platform: Alchemy Pay.
“Alchemy Pay is a payment system focused on retail transactions at the Point of Sale and peer-to-peer remittances. Users can make payments in fiat currency, stablecoins and other cryptocurrencies in traditional payment systems”, he said through an article published on his website.
The company explained that ACH is the native token of the project. Current use cases for ACH include:
• Transaction fees – Users can use ACH tokens to pay the network transaction fees.
• Access to Alchemy Pay services: Depending on the ACH tokens stored in users’ Alchemy Pay wallet, grants them access to tiered DeFi products and benefits (ie, discounted fees).
• Ecosystem Rewards: Users can earn rewards by performing payment transactions, referrals, and using DeFi services within the Alchemy Pay ecosystem.
• Governance: ACH token holders can vote on governance proposals.
According to the company, the project consists of the following main components that work together:
• Alchemy Pay Wallet – Alchemy Pay’s crypto asset management mobile wallet, providing hybrid crypto-fiat gateway services for institutions, businesses and individuals.
• Commercial and commercial networks: Alchemy Pay integrates banks, payment companies, SaaS companies, consumer groups, etc., that have commercial resources and support digital currencies such as BTC, ETH, USDT, BNB.
• Recording mechanism: a proportion of ACH tokens is burned for each transaction carried out on the network.
It should be noted that, as of January 10, 2022, the maximum and total supply of ACH tokens is 10,000,000,000. The current circulating supply is 3,830,000,000 (~ 38.30% of the maximum token supply).