In order to simplify access to cryptocurrency for users worldwide, Singaporean payment provider Alchemy Pay has entered into a partnership with Ethena Labs to support direct purchases of fiat currency for the synthetic stablecoin USDe and its own token ENA.
Thanks to this collaboration, users in over 173 countries can now purchase USDe and ENA directly using major payment methods, including Visa, Mastercard, Apple Pay, Google Pay, and a wide range of local banking options. The integration has been implemented through the Ethena Swap portal, eliminating the need for centralized exchanges or complicated transfers through wallets.
With support for over 50 fiat currencies, the partnership aims to lower entry barriers for users looking to interact with the Ethena ecosystem. By utilizing Alchemy Pay's On-Ramp technology, Ethena joins the growing list of crypto platforms optimizing the conversion of fiat money into cryptocurrency.
This approach reflects similar integrations observed in the industry. In May 2023, Lido integrated Alchemy Pay's fiat solutions to enable direct purchases of stETH. Around the same time, the Ethereum Layer 2 project Metis provided fiat access to its METIS token through a similar partnership.
Recently, Alchemy Pay teamed up with Hedera and integrated its own $HBAR and $USDC Hedera into its On-Ramp solution, allowing seamless purchases of these assets for fiat using credit cards, bank transfers, and popular local payment methods, further expanding its presence in the blockchain space.
Building on this momentum, Alchemy Pay also added support for its own Movement Network token, MOVE, to its fiat payment solution. Users now have the ability to purchase MOVE using familiar payment methods such as Visa, MasterCard, mobile wallets, and bank transfers.
According to Alchemy Pay's announcement, the integration has increased accessibility and convenience for both individuals and developers, while reinforcing the company's mission to bridge fiat and cryptocurrency through secure and user-friendly services.
The Ethena-Alchemy Pay integration highlights a broader trend toward making cryptocurrency more accessible and user-friendly, especially for those entering the space through traditional payment systems.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and the CoinMarketCap community.
"Manage your crypto portfolio with MARKETS PRO, a suite of analytical tools from DeFi Planet."
The publication of Alchemy Pay teaming up with Ethena Labs to expand fiat access to USDe and ENA first appeared on DeFi Planet.
