Alchemy Pay expands in South Korea, integrating local payment methods and enhancing crypto services with new certification - IcoHolder.

Alchemy Pay, a cryptocurrency payment provider, has made a strategic move to broaden its financial service offerings in South Korea by acquiring an Electronic Financial Business registration. This acquisition follows the company’s investment in EZPG Co., a local e-finance platform, and will allow Alchemy Pay to tap into a wider range of financial services in the country.

As announced on February 5, Alchemy Pay's investment in EZPG Co. included the acquisition of the company’s registration, which is governed by South Korea’s Electronic Financial Transactions Act. This certification grants companies the ability to offer a broad array of financial services, including money transfers, online payment gateway solutions, and digital asset services.

With this new registration, Alchemy Pay gains the capability to process cryptocurrency transactions and integrate popular local payment methods like KakaoPay, PAYCO, and Naver Pay into its platform. This move is part of the company's larger strategy to capitalize on South Korea’s growing role as a key hub for both traditional finance and digital currency adoption in Asia.

Ailona Tsik, Chief Marketing Officer at Alchemy Pay, highlighted the importance of the South Korean market, stating that it is a pivotal region for both traditional finance and the digital currency sector. The country’s government has also taken steps to regulate cryptocurrency transactions, including plans to integrate foreign exchange rules for cross-border dealings involving US dollar-pegged stablecoins. Furthermore, South Korea is considering additional regulations concerning corporate crypto investments.

Cryptocurrency adoption has surged in South Korea, where it is increasingly seen not only as a payment method but also as an investment vehicle. As of November 2024, South Korea's crypto-holder base was estimated at over 15 million people, accounting for more than 30% of the population. The country is home to major crypto exchanges like Upbit and Bithumb, further cementing its status as a key player in the global crypto market.

Institutional investors have played a significant role in driving cryptocurrency adoption in South Korea. According to Chainalysis, the nation was the largest crypto market in Asia in terms of total value received between July 2023 and June 2024, surpassing other countries in the region with $130 billion in cryptocurrency transactions.

The growing mistrust of traditional financial systems has driven many South Koreans to explore cryptocurrencies as alternative assets. This trend has been further reinforced by the adoption of blockchain technology by prominent corporations like Samsung, enhancing transparency and operational efficiency in business practices.

With its expanded presence in South Korea, Alchemy Pay is well-positioned to continue its growth in the rapidly evolving global cryptocurrency landscape.