dLocal has announced its partnership with Alchemy Pay in order to streamline crypto-to-fiat payments in the region of Latin America.
Following this announcement, the partnership is expected to unlock instant bank transfers in the region of Argentina, providing the fiat rails for secure and fast crypto purchases, as well as supporting Alchemy Pay's expansion efforts.
In addition, the collaboration is expected to leverage dLocal’s local payment infrastructure to support Alchemy Pay’s expansion in Latin America, starting with instant bank transfers in Argentina. Both institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the dLocal x Alchemy Pay partnership
According to the official press release, the crypto industry is currently facing significant difficulties in bridging the gap between digital assets and traditional financial systems, especially in emerging markets. Users and customers often encounter slow transaction times, high fees, and complex processes when trying to purchase cryptocurrency with local fiat currency, while the global average cost of a cross-border transaction is over 6%, a figure that highlights the inefficiencies present in legacy payment rails. At the same time, this friction creates a significant barrier to entry for users and hinders broader adoption and development across the entire crypto and fiat payment ecosystem.
In order to solve these challenges, dLocal is expected to provide local fiat rails that allow Alchemy Pay to offer crypto purchases to its Argentine users quickly and efficiently through the process of leveraging local bank transfers. Furthermore, by integrating with dLocal's platform, Alchemy Pay aims to further optimise its on and off-ramp capabilities, adding faster and more localised payment options, as well as reducing the complexities of cross-border transactions. The solution is set to ensure that customers and users can complete transactions with ease, while dLocal manages cross-border settlement in USD.
In addition, the alliance is expected to improve Alchemy Pay's offerings, which include its On & Off-Ramp solution, Web3 Digital Bank, NFT Checkout, and its newly launched RWA investment platform. Furthermore, it will also focus on its strategy to connect crypto with traditional fiat currencies for businesses, developers, and end users worldwide. The initial operation in Argentina will further accelerate expansion across Latin America in order to help democratise access to the digital economy throughout the region.
