Together with Polygon (MATIC), Alchemy Pay will roll out its payment solutions on the latter’s brand-new zkEVM chain. Alchemy Pay will be one of the zkEVM ecosystem’s first fiat-to-crypto on-ramp providers, enabling customers to quickly change their local fiat currency into cryptocurrencies.
Using Ethereum Virtual Machine (EVM) and Ethereum L1 security, Polygon zkEVM is a zero knowledge scaling solution that boosts throughput and lowers transaction costs. It builds on the security provided by Ethereum, provides L1-like cost savings, outperforms other L2 systems in terms of finality, and aims for PoS-like throughput. New developments from Polygon Labs promise to provide better performance while achieving full EVM equivalency.
The direct-to-customer plugin from Alchemy Pay is easy for developers creating on this new chain to incorporate into their decentralised applications (dApps). Currently supported payment options via Alchemy Pay span 173 nations and include Visa, Mastercard, Discover, and Diners Club. Additionally, it facilitates domestic transfers and mobile wallets in emerging nations.
In order to manage more transactions at a cheaper cost, zkEVM is a Layer 2 solution for Ethereum. Transaction validity and rapid finality are guaranteed by the use of cryptographic zero-knowledge proofs (ZK-Rollups).
It is simpler to switch to or create new projects because developers may utilise the same programmes and code they use on the Ethereum network. As transactions are organised into batches and zero-knowledge proofs are used to confirm their validity, the network inherits Ethereum’s security features.
This collaboration intends to simplify blockchain technology engagement for both developers and end users. It is a more appealing choice for both developers and users because to lower transaction fees and increased throughput. Excited with the concept, Jack Melnick, Head of DeFi BD at Polygon Labs, said that Alchemy Pay serves as a “user-friendly gateway to the crypto spaces for users.”
All things considered, this partnership between Alchemy Pay and Polygon’s zkEVM chain may significantly advance the usability and accessibility of blockchain technology. It combines the benefits of a top Layer 2 solution with a leading fiat-crypto payment gateway.