Alchemy has raised $10 million in its latest funding round with DWF Labs, at a valuation of $400 million. The amount will enable the expansion of Alchemy Pay into the Korean market.

Alchemy Pay, a Singapore-based crypto payment gateway that bridges the gap between crypto and fiat currencies for businesses, devs, and regular users, has secured $10 million in funding from DWF Labs, a multi-stage web3 investment firm,  at a valuation of $400 million.

According to an announcement, the funding will enable Alchemy Pay to launch operations in Korea and expand its payments business in the crypto-friendly region.

Since its launch in Singapore in 2018, Alchemy Pay has continued to gain ground in the payments world, forging strategic partnerships with various heavy hitters in the space, including Visa, Mastercard, and more. Alchemy Pay supports over 300 payment channels, including traditional credit cards and mobile wallets.

Robert McCracken, the ecosystem lead of Alchemy Pay commented:

“By utilizing our payment solutions, more Korean companies can close the division between crypto and conventional fiat currencies to keep pace with global economies.”

As the global banking crisis continues to make traditional banks wary of crypto, it is expected that crypto-fiat on/off ramping solutions like Alchemy Pay will continue to gain significant traction in the web3 space.

At the time of writing, the price of the Alchemy Pay native ACH token is up by 7.6% on the day. It’s changing hands for $0.037, with a 24-hour trading volume of $69 million.