Alchemy Pay, a payments provider based in Singapore, has received $10 million in investment from market maker DWF Labs at a $400 million valuation as it eyes expanding its business in South Korea.
The company, which provides a way for crypto companies to access the fiat payment system, aims to capitalize on South Korea’s “high level of crypto acceptance” and assist local firms in achieving greater internationalization, according to a statement shared with CoinDesk. It has previously worked with the likes of Visa, Mastercard, Google Pay and Apple Pay to this end.
The $10 million injection into Alchemy continues DWF Labs’ prolific investment streak of recent weeks. The market maker has now put its name to eight investments or funding rounds of at least $10 million into crypto and Web3 projects in the past six weeks. The combined total reaches $165 million.