Alchemy Pay to Integrate Chainlink Price Feeds to Power DeFi Products and Fair Crypto Payments
Alchemy Pay, a pioneer in hybrid digital and fiat payment solutions, is integrating Chainlink’s Price Feeds to help power DeFi products in its DeFi platform as well as set fair market exchange rates on its crypto payments gateway system.
By integrating Chainlink, Alchemy is able to decentralize and expand its financial services, providing users with highly accurate and transparent decentralized price feeds to power more reliable payments and secure future financing and investment products across crypto and traditional assets.
Recommended AI News: OMNIQ Corp. Announces Deployment of AI-based SeeDOT Systems for Southern U.S. State
Building DeFi Services with Secure and Reliable Data Feeds
The future of decentralized finance has the potential to unlock a wide array of cost efficiencies and utilities for institutions and consumers alike. However, amidst the DeFi boom, consumers are left clueless about what DeFi services are safe, available, or suitable for them. Likewise, DeFi service providers struggle to market their services to their target audiences.
Alchemy’s DeFi platform rectifies these challenges by bringing together the industry’s finest and most relevant DeFi services for consumers through integration with third-party dApps and DeFi providers that have passed Alchemy’s stringent selection and KYC process. These DeFi services are then made directly available in the Alchemy wallet for users to leverage as needed.
Chainlink’s price feeds will serve as a foundational tool that developers can leverage to launch new DeFi products directly on Alchemy, such as to price collateral in new lending applications.
Fair Exchange Rates for Digital Payments
In addition, Alchemy’s payments solution will also leverage Chainlink Price Feeds. Alchemy Pay’s core payment businesses require a multitude of risk management and hedging strategies, especially when dealing with volatile assets such as cryptocurrencies, to minimize transactional risks. While risk management tools, such as on-chain analytics and anti-fraud systems, go a long way in mitigating risks, access to accurate and timely data is the fundamental requirement in building a robust payment system, particularly when setting exchange rates.
As such, Alchemy’s hybrid payment system will begin using Chainlink’s price feeds to help determine exchange rates for crypto payments. Merchants and users can then get paid and pay in their preferred currencies, both with the understanding that they’re getting a fair market exchange rate. This price data will be a critical component to Alchemy building bridges to traditional finance, encouraging merchant adoption of cryptocurrencies.
Recommended AI News: Persistent Systems Supports Air Force’s Advanced Battle Management System Experiment