Alchemy Pay has introduced a $500,000 Payment Ecosystem Incentive Fund in order to accelerate development in the blockchain-focused payments sector.
Alchemy Pay, which claims to be a pioneer of the world’s first hybrid fiat and crypto payment system, notes that the digital currency space has experienced considerable growth and development — from several different countries proposing their own Central Bank Digital Currencies (CBDC) to many new startups launching business ecosystems centered on virtual currency payments.
According to Alchemy Pay, there’s now a lot of evidence that the industry’s growth will be driven to a large extent by “innovative” payment solutions. To encourage software engineers within the digital currency sector to use the Alchemy Pay Ecosystem to carry out their business activities and improve ACH token liquidity, Alchemy has introduced a $500,000 Payment Ecosystem Incentive Fund.
The Alchemy Payment Ecosystem Incentive Fund will aim to drive blockchain or distributed ledger technology (DLT) and other relevant industry developers to build useful or practical applications for the payment ecosystem “based on Alchemy’s open-source platform.” The main acceptance criterion is to be able to “attract more users and transactions on the Alchemy network.”
As noted in the announcement:
“The program and its incentives will be fully public. Alchemy will regularly publish details about individual incentive programs, such as applications to the fund, award amounts, community discussions, project owners, wallet addresses for awards and relevant news. The approval and governance of awards will be the responsibility of the Incentive Application Committee which comprises Alchemy Community Members, Community Ambassadors and Alchemy’s Development and Business Teams.”
As mentioned in the announcement, each applicant’s “project period will be 8 weeks and the incentives will be made in 8 weekly payments, subject to the approval of your weekly milestone.” Incentive payments will be “made by 9 p.m. Pacific Standard Time on Sundays.”
Incentives for individual projects are “based on project requirements and shall not exceed $100,000,” the announcement confirmed. It added that if your project’s weekly milestone is “delayed twice within two weeks, your incentives and participation in the program will be forfeited.”
As noted by Alchemy Pay, your project proposal must include the date that your application was submitted, the estimated start date after obtaining approval, the “required amount in US dollars for the project,” the “number of active target users expected to be achieved: regular users (100M), Fintech (10M), cryptocurrencies (1M), developers (100k), authenticators (10k).”
The proposal should also mention the project category. The projects that are supported by Alchemy’s ecosystem include the following:
- Merchants Acquiring: “Acquiring and integrating key merchants for online and offline payments”
- DeFi: Stablecoins, Payment Mining Pools
- DApps: Blockchain Games, Non-Fungible Tokens (NFT)
- Portals: Payment wallets, pledged assets, exchange access
- CrossFi: Integrating fiat payment channels, Integrating KYC services
- Infrastructure: Payment network, Payment protocol
- Community: Videos, articles, community governance mechanisms, etc
As mentioned by the Alchemy Pay team, the project details should include updated information of your project with regards to the basic idea behind the initiative, your team’s resume (highlighting relevant experience and skills), a clear business plan, “market positioning,” and also a “competitor analysis.”
(Note: for more details on this initiative, check here.)
The Alchemy Pay team stated:
“We look forward to working with you to build the Alchemy ecosystem. You can email any queries to [email protected] and we’ll get back to you as soon as possible.”
As reported in October 2020, Alchemy Pay had partnered with QFPay to power digital currency payments for Shopify merchants.
Alchemy Pay claims to be one of the world’s leading cryptocurrency payment solution providers that has been co-founded by a team of seasoned payments experts from Visa, Mastercard, and QFPay. The company operates across 18 countries and regions and has signed over 2 million merchants, of which over 3,000 have been successfully deployed.