Alchemy Pay is forming a partnership with ForTube, a DeFi multichain lending protocol, to facilitate borrowing and lending of Alchemy Pay’s ACH token. The partnership is expected to drive the expansion and adoption of Alchemy Pay’s hybrid fiat-crypto payment system.
“Lending protocols like ForTube play an extremely important role in crypto liquidity because liquidity is what makes transactions on networks viable,” said John Tan, CEO of Alchemy Pay. “ForTube helps to support the utility function of ACH.”
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Launched in 2018, ForTube has become a versatile app for liquidity pools and investing in cryptocurrencies. They are dedicated to providing decentralized, permissionless lending services on multiple networks. Currently, ForTube supports four major blockchains: Ethereum, BSC, Polygon and OEC. Their recent Version 3.5 upgrade, following a successful audit by Peckshield, has optimized their algorithm flow and improved their user interface.
Alchemy Pay has recently partnered with Binance as well. “ForTube’s success on the Binance BSC network is further proof that it can provide low cost, extremely fast transactions,” said Tan.
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Alchemy Pay provides merchants with integrated crypto-fiat payment systems so that additional expensive hardware and software is not needed to accept crypto transactions. In order to use Alchemy Pay’s payment facilitation services, retailers pledge the ACH token on the network. By collateralizing ACH, retailers are able to use Alchemy Pay systems to accept cryptocurrencies at their online and physical stores, which Alchemy Pay converts to the merchant’s required fiat currency. Transactions on the system complete in seconds at about 30% of the cost of legacy payment systems.
“We are a lending protocol in the DeFi industry for many different kinds of applications. Alchemy Pay is making online and offline micro and macro crypto transactions settle conveniently in fiat.” said Jeffrey Chu, Co-CEO of ForTube. “Part of our mission is to provide the liquidity through DeFi that helps optimise projects like Alchemy Pay.”
From September 15th, 2pm Singapore time, ACH deposits will be accepted on ForTube via the Ethereum Mainnet to access ForTube’s borrowing, lending, and interest earning functions, including earning ForTube’s FOR token as interest on ACH deposits, and vice-versa.
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