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1. Introduction 2. Overview
The cryptocurrency economy has grown enormously from May 22, 2010, when As recently as 2017, when the total value of the cryptocurrency market was less
10,000 bitcoins were first exchanged for two pizzas in Florida, USA. Today the than a tenth of what it is today, electronic payments outside of the fiat economy
cryptocurrency market is valued at around $2.5 trillion dollars. It is an were largely unknown to the world. That is beginning to change. But even as the
expanding universe of more than 9,000 different cryptocurrencies that cryptocurrency value surpasses $2.5 trillion, the rules, protocols, verification, and
01. Preface facilitate an endless variety of innovative and revolutionary applications and access mechanisms of the fiat world remain native to highly centralized systems
services. that are incompatible with the decentralized underpinnings of blockchains.

02. Overview It is time to connect the fiat and crypto worlds.

Today, cryptocurrency is traded on innumerable platforms. It can be
deposited and withdrawn at tens of thousands of ATMs around the world.
03. Problems Cryptocurrency finance platforms routinely offer interest rates of greater Alchemy GPS Foundation Pte. Ltd. (Alchemy Pay) builds on open source
than 10% to lenders. Digital art and collectibles, known as NFTs, depend on protocols and rapid product development platforms for crypto-fiat bridging
cryptocurrency to be traded between buyers and sellers. systems. We enable participants in both fiat and crypto ecosystems to achieve
04. Vision
fast, secure, convenient, flexible and scalable global payment solutions, based
Yet this $2.5 trillion dollar economy remains quite separate from the larger on the decentralized smart contracts and consensus mechanisms of blockchain
05. Mission world of fiat currency. It is still difficult for the average fiat currency holder to technology.
benefit from participation in the crypto world. And it remains difficult for
crypto currency holders to access the benefits of the fiat world. This is a Our strength is in our team of payment industry veterans. We are experts in
06. Ecosystem
tremendous impediment to crypto adoption. wallet payment, cross-border acquisition, enterprise collecting solutions for
multi-level distribution, and other traditional payment programs. Combining
07. Features Alchemy Pay is building the bridge between the crypto and fiat worlds. that with our expertise in blockchain and decentralized ledger technologies
enables us to play a leading role in building a bridge between the old world of
08. Scenarios In this whitepaper, we describe the scenarios, protocols, and incentives fiat currency and the new world of crypto-currency.
Alchemy Pay has developed to achieve seamless transactions between the
separate worlds of crypto and fiat. In short, we describe how the bridge is The Alchemy Pay decentralized payment network offers the following
09. ACH Token
built. capabilities:

10. Roadmap ● Open and scalable consensus protocols capable of seamlessly

evolving payment industry norms to powerful next-generation
standards
11. Team
● Lightning network technology for real-time transactions

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● Comprehensive support for cryptocurrency payments in a variety of implementation of rules, and much more, and Alchemy Pay is extremely
transaction scenarios excited to be at the forefront of these developments.

● Fast access to necessary SDKs, plugins, and APIs for online/offline

“buy now” processing, including seamless integration with
smartphone POS apps

● Decentralized network protocols for operation and governance 3. Problems To Be Solved

01. Preface networks, including dispute arbitration, custody, credit scoring, risk
control, anti-fraud, clearing, etc., to greatly improve operational Fiat Complexity & Crypto Bridging
efficiency and reduce operating costs
02. Overview
● Basic payment functions and solutions for large-scale commercial 3.1 Fiat Complexity
applications
03. Problems
● “PullPay,” “PushPay,” combined payment, subscription payment, In order to interface with fiat payment systems, there are numerous challenges
and targeted payment in multiple types of account systems that are considered business-as-usual.
04. Vision
● Visual, simple, standardized smart contract interfacing to lower the
● There are many intermediate links to negotiate in the process, and
threshold for commercial use of smart contracts
05. Mission each comes with its own costs and fees.
● Self-evolving communities and open ecosystems that more
innovation technology companies to join the community and ● Cross-border transactions are especially complex.
06. Ecosystem promote the development of the industry's public chain
● Trusting each intermediary is key to completing any transaction,
● Robust localization compliance and anti-money laundering and the essence of almost any function or functionary in the
07. Features programs for different countries and regions industry is to facilitate the evaluation, establishment, and

Through the above capabilities, Alchemy Pay makes it possible to integrate maintenance of trust.
08. Scenarios cryptocurrency into the global payment macroeconomy at a level that
● The complexity of these trust functions means commensurate
matches demand for speed, convenience, safety, and security for users, with
complexity in security and privacy procedures.
09. ACH Token added efficiency and reliability for merchants.
● Overall, reconciliation, settlement, clearing, and dispute resolution
Through the veteran experience and knowledge of Alchemy Pay and its involve many steps that take time.
10. Roadmap
partners in mobile payment applications, Alchemy Pay intends to lead the
payment industry's development of blockchain solutions in traditional and The above challenges mean that in places like Southeast Asia, fees can add up
11. Team popular payment contexts. Blockchain protocols have opened up amazing to 30%-50% of a transaction, and numerous multi-channel strategies are
new ways to incentivise, gain consensus, guarantee the transparent employed to avoid such fees. Overseas laborers are hit especially hard in their
efforts to send funds back home.
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On the other hand, at the enterprise level, a multinational retailer in the Asia- ● Payment functions for commercial applications
Pacific with retail stores in Sydney, Hong Kong, Dubai, Bangkok, Singapore,
and Kuala Lumpur will work through separate sets of payment processing To realize large-scale commercial application, there are a number of
agencies in each country. essential functions, such as:
PushPay & PullPay
The service standards, clearing time, rates, and surcharges of each processor PushPay is the auto ACH transfer from payer to payee as initiated by the
are all different, requiring dedicated departments to reconcile by country. payer, such as through scanning a merchant’s QR code. PullPay involves the
01. Preface authorization of the payee to initiate and complete some or all steps in the
3.2 Crypto Bridging process from payer to payee. PullPay is often involved in metered services,
02. Overview such as taxi transportation and utility payments.
Bitcoin was invented and other cryptocurrencies have developed to solve
challenges like the ones described above. Tremendous efficiencies and Multilevel Accounts
03. Problems This type of account involves the coordination of multiple authorities in an
simplifications have been achieved through the core principles of
decentralized blockchain ledgers at the heart of cryptocurrency technology, organizational structure and multiple stream categories such as receive-only
04. Vision and more are emerging as the industry grows. However, despite the and disburse-only. These accounts may be organized within hierarchies of super
continuous breakthroughs and recognition of many cryptocurrencies for their and sub-accounts for both receiving and disbursing..

05. Mission epoch-making advancements and applications, the current role of

cryptocurrency for payment remains small and is growing at a snail’s pace. ● Support functions for commercial applications

06. Ecosystem It can be argued that the reason for this is the sheer inertia of the $80 trillion Systems like these can only be automated to a certain extent. Constant
fiat payment ecosystem. It can be argued that established commercial adjustments must be made as accounts are constantly created and closed and
enterprises that profit from the existing system are resisting change. More put into different hierarchies as organizations change and adapt to markets
07. Features
fundamental, however, is the essential role of sovereign currency in the and evolving business models. Efficient and knowledgeable operational support
geopolitical realm. An especially significant impediment to the progress of for the functions is therefore just as important as the technical functions
08. Scenarios themselves.
cryptocurrency for payment has a lot to do with the prevailing assumption
that the goal of cryptocurrency is to eliminate fiat currency altogether.
09. ACH Token ● Performance issues with cryptocurrency itself
While many developers are indeed attempting this agenda, Alchemy Pay has
chosen instead to build an interface--bridging rather than leaving the fiat Liquidity, cross-chain payment, volatility, and even transparency are among
10. Roadmap
world behind--applying our extensive experience in fiat currency payment the prevailing issues that remain pervasive in the cryptocurrency realm. In
processing, and leveraging our early entry in blockchain technology. Our addition, the compromises of cryptocurrency’s non-custodial processes are not
11. Team bridging agenda divides the challenge into three broad categories: well understood, and incorrectly viewed as beneficial, rather than as
opportunities that still depend on well-designed and executed implementation.

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The product architecture of Alchemy is composed of five layers: the access layer,
4. Vision the solution layer, the product layer, the core layer, and the blockchain network
layer. Each layer is decentralized and defined through an open payment
consensus protocol to ensure consistency with decentralized applications. The
Alchemy envisions a world of greater financial empowerment, dependability, consensus protocol can be seamlessly deployed in all major public chains and
and transparency for individuals, enterprises, institutions, and governments, integrates layer 2 networks such as Lightning Network to meet the demand of
regardless of location or wealth, enabled by technologies that bridge the gap real-time transactions and avoid the risk caused by price fluctuations.
01. Preface between crypto and fiat payment systems.
Decentralization allows the merchant onboarding process, reconciliation, and
settlements to be facilitated through the automated and transparent execution
02. Overview
5. Mission & Goals of smart contracts; dispute settlement, exchange, and automated clearing all
benefit from decentralized processes. Alchemy Pay adds value by ensuring
03. Problems quality and efficiency with these decentralized operations.
Alchemy Pay’s mission is to lead in making blockchain services and value
accessible with fiat currency and making fiat-based services and value
04. Vision 5.2 Large Commercial Application
accessible with cryptocurrency. We drive blockchain adoption by bridging the
gap between crypto and fiat. Within this mission, we have five goals:
05. Mission Alchemy Pay meets the needs of large-scale enterprises by supporting
complex account infrastructure, complex PUSHPAY and PULLPAY payment
5.1 Decentralization models, and complex transaction types with the efficiency and cost savings of
06. Ecosystem decentralized applications.

Decentralization is a core principle of blockchain-based

07. Features cryptocurrencies, as it has the profound advantage of eliminating We answer the following core demands:
highly inefficient, arbitrary, and proprietary procedures for
establishing and maintaining trust. ● Support for complex account infrastructure
08. Scenarios

Decentralization of the Alchemy Pay payment network allows access to Including hierarchy accounts, “payment collection parallel” accounts, and
09. ACH Token various assets that can be liquidated without the need for expensive and time payment consolidation accounts, escrow accounts, credit accounts, joint
consuming trust procedures, including but not limited to various accounts, and high-frequency hotspot accounts.
10. Roadmap cryptocurrencies, tokens, credit payments and points of credit service
providers, various forms of digital assets, and fiat currencies. In each case, ● Support for complex payment models
decentralization helps us bring users and merchants closer together and
11. Team This includes C2C (Customer-to-Customer), C2B (Customer-to-Business) and
reduce transaction costs.
B2B (Business-to-Business). Different business models have corresponding
12. Disclaimer payment models.
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5.3 Security and Trust

For example, the PushPay & PullPay models discussed earlier, transactions
involving escrow, batch payments, salary payments, capital consolidation,
fund appropriation, supply chain factoring, etc. With Alchemy Pay, these can Alchemy is building a certainty-driven ecosystem through credit scoring
architecture.
involve cryptocurrency transactions, bonus point payments, coupons, tickets,
and any other assets that can be represented or constructed digitally.
Decentralized blockchains gave rise to the concept of a “trustless system.” It is a
01. Preface ● Support for complex transactions reference to the many financial arrangements in the fiat world that rely on a
certain degree of faith, or probability, as opposed to certain types of absolute
Such as combination payments, subscription payments, batch collections, guarantees that a blockchain-based arrangement can establish even between
02. Overview
restricted payments, secured payments, split payments, and corporate two perfect strangers involved in a transaction.
payments.
03. Problems Nevertheless, blockchains do not eliminate the need for trust-based protocols
● Better support for payment service flow altogether. Even simple arrangements in the blockchain world can benefit from
04. Vision trust-based tools like credit scores in certain circumstances. The absolute
Traditional electronic payment is variously impeded not only by government transparency of blockchain transactions, in fact, give blockchain-based credit
administered rules and regulations, but also the interface limitations of scores a certain predictive advantage that Alchemy Pay can bring to client
05. Mission centralized payment institutions. Alchemy Pay’s decentralized hybrid crypto- enterprises who have related risk-mitigation requirements.
fiat infrastructure can reduce the problems of business flow and capital flow,
06. Ecosystem both within and across international borders. 5.4 Sustainable Evolution

● Smart contracts need to become easier to use and meet the requirements
07. Features Alchemy Pay’s ecosystem promotes sustainable evolution through
of commercial scalability
consensus.
08. Scenarios Alchemy Pay implements a large number of smart contracts to automate
payments. The deep technical expertise required to build and execute a Consensus promotes sustainability. Ecosystems that build in consensus
smart contract is entirely different from the knowledge required to determine mechanisms inevitably and necessarily evolve, too. The key is in how consensus
09. ACH Token
the appropriate results. Alchemy Pay enables financial experts and others and governance mechanisms promote innovation. The Alchemy Pay team’s
with smart contract needs to work directly with smart contract drafting and long experience developing electronic payment systems has demonstrated the
10. Roadmap implementation tools that are suitable for non-technical users. We also importance of granting power to the innovators who are closest to the market,
provide convenient smart contracting tools for DAPP developers as well. supported by appropriate incentive mechanisms.
11. Team

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5.5 Low Cost & High Efficiency

Achieved through the decentralized operational support infrastructure.

6. Ecosystem
Operational tasks include merchant onboarding, merchant IT support The Alchemy Pay ecosystem is composed of partners at the users’ end, partners
integration, merchant customization, dispute resolution, clearing and at the merchant/business end, partners of transaction service networks, and
01. Preface settlements, customer service, risk management, anti-fraud, and more. In all our developer community.
of these areas, there are opportunities for scalable efficiency through the
02. Overview application of smart contracts within Alchemy Pay’s decentralized Alchemy Pay ecosystem (below)
operational support infrastructure.

03. Problems

04. Vision

05. Mission

06. Ecosystem

07. Features

08. Scenarios

09. ACH Token

10. Roadmap

11. Team

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6.1 Partner with the User End 6.2 Merchant / Business Partnership

Responsibility in Responsibility in the

Stakeholders Requirements & Interest Product Form Stakeholders Requirements & Interest Product Form
the Ecosystem Ecosystem

Hold various Integrate Alchemy Smart POS integration Wallet at the

cryptocurrencies; require payment solution with Alchemy solutions merchant side;
attractive consumption smart POS
01. Preface
scenes; Lightning
Smart POS Network+NFC
Can overdraw as a credit manufacturer payment solution;
02. Overview card;
Virtual card
Safe consumption and User wallet solution
Online Purchase;
avoid malicious merchant
03. Problems User fraud; In-app payment They have merchant Expand merchants in Sales toolkit
base and charge service their respective regions
Offline Purchase; fees by providing and provide them with
Control the consumption Online payment
04. Vision data and avoid privacy payment solutions ACHPAY payment
leakage; tokenization Merchants/ network solutions
data income Corporate including cryptocurrency
service provider receipts, universal
05. Mission Can exchange mobile points, corporate
credit, with universal payments
usage of points obtained
06. Ecosystem from various merchants
They have user base and User wallet User wallet Current payment Customized SDK
need to provide more integration with solutions integration with development of Plugin.API.gatewa
Payment
E-wallet usages for wallets Alchemy payment Digital identity cryptocurrency related payment gateways for y sidechain (may
gateway service
07. Features developer solution APP payment solutions various industries and issue their own
provider
regions; merchant tokens)
technical access support
08. Scenarios Bank cards and virtual 1. Apply for Integrate competitive Software integration SDK.Plugin.API.ga
cards issuers and able to Visa/MasterCard, payment solutions in with Alchemy Pay teway.
utilize the acquiring etc. their software (multilevel payment solutions
network of influential card Virtual card account fund collection)
09. ACH Token Issuers
association such as Visa, 2. Apple Pay and Software
MasterCard, Union Pay Google Pay developer
integration

10. Roadmap 3. Smart POS

integration
They have end consumer Website/APP Integrate competitive Cooperate with Alchemy Industry solutions
Payment SDK/
11. Team High traffic base and need to provide integration with
Plugin/API/ Industry solution industry payment and ecosystem partners sidechains (may
website/APP a secure, fast and low- Alchemy payment provider solutions into their in customizing industry issue their own
Gateway
cost payment for users solution solutions solutions tokens)

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6.3 Txn Service Networks Partnership 6.4 Developer Community Partnership

Requirements & Responsibility in the Developers are a vital part of progressing the Alchemy Pay ecosystem.
Product Form
Interest Ecosystem Building a developer-friendly community is a core task, which we segment
Crypto- The cryptocurrency Integrate with Alchemy Payment channel as follows:
currency issued needs to payment network to gateway
01. Preface Issuers have a consumption improve payment ● Payment consensus protocol developers participating in the
scenario efficiency development of interfaces, services, and products related to
Credit Record user’s credit Credits are granted to Credit payment existing consensus protocols
02. Overview payment score and create users and merchants, gateways
service more consumer and the credit line is ● Application developers participating in the development of
providers scenarios used on the Alchemy Alchemy Pay’s ecosystem-related apps and services
03. Problems Pay payment network.
The risk of bad debts is
● DAPP developers participating in the development of various
borne by the credit
DAPPs in the Alchemy Pay ecosystem
04. Vision service provider.

Crypto- Issued Integrate with Alchemy Cryptographic ● Marketing developers participating in the development of
Currency cryptocurrency payment network to currency asset incentives for the community
05. Mission
assets issuers assets require achieve asset channel gateway
circulation or circulation
consumption
06. Ecosystem scenarios

Exchange More Provide cryptocurrency, Exchange channel

07. Features cryptocurrency fiat currency exchange gateway
transactions and cryptocurrency
transactions
08. Scenarios Stablecoin Stablecoins need Provide clear Stablecoin
service more application settlement currency for channel gateway
provider scenarios ACH
09. ACH Token
Liquidity Holding legal Provide crypto and fiat Alchemy node;
service currency, liquidity Credit payment
provider cryptocurrency to liquidity;
10. Roadmap maximize revenue Lightning
Network node

11. Team

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7. Product Features
The core concept is to integrate fiat and crypto payments in whatever 7.2 Cryptocurrency Payment Gateway
settlement system merchants use. The integrated product records data and ● Online and Offline Access Schemes including
statistics so that merchants and users can view historical transactions and SDK/Plugin/API/Gateway
critical information about those transactions.
● Supporting Lightning Network Express Payments
01. Preface
● With PullPay + PushPay lightning network, PullPay supports
7.1 Smart POS for Cryptocurrency preauthorization
02. Overview ● Cryptocurrency and Fiat Currency Acceptance

● Lightning Network Express Payments

7.3 In-APP Payment SDK
03. Problems ● PushPay / PullPay Providing partners with a Lightning Network based in-app payment SDK.
● NFC Lightning Network Payments
04. Vision Alchemy Pay product features (below)
● Cryptocurrency Prepaid Card

05. Mission

06. Ecosystem

07. Features

08. Scenarios

09. ACH Token

10. Roadmap

11. Team

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8. Application Scenarios
Alchemy Pay supports hierarchical "payment-collection parallel" models
8.1 Transnational Centralized Collection (commonly used in the financial management of a group) that involve
separate accounts for collection and payment and hierarchical authorization
to both mitigate risk and coordinate a variety of roles and functions that are
involved in the process. For example, account viewing, transacting, and
01. Preface amount permissions can be limited to collection-only or payment-only, or to
certain types of collections or payments for designated accounts. These

02. Overview accounts are plugged into hierarchies that fit into and evolve with the
international and subsidiary structure of the enterprise, aggregating revenue
to appropriate accounts in the upper levels of the organization.
03. Problems

04. Vision
8.2 Account Hierarchies of Direct-Sales Companies
Distribution and direct-sales enterprises make extensive use of document
05. Mission splitting and batch payments. At each level, accounts support sub-accounts
for payment and collection, and document splitting rules can be applied
automatically through smart contracts.
06. Ecosystem

07. Features

08. Scenarios

09. ACH Token

10. Roadmap

11. Team

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Digital industry payment process (below)

01. Preface

02. Overview

03. Problems

04. Vision

05. Mission
8.3 Digital Entertainment Industry Payment 8.4. Offline Consumption
This segment makes extensive use of SDKs, APIs, and gateways which
06. Ecosystem Alchemy Pay provides to game developers as a selectable menu. These
powerful tools can be initiated by developers in a few simple steps, and allow
07. Features the developers to have a high degree of control over the payment process,
while providing appropriate levels of support and access depending on the
developer’s proficiency in the payment aspects of their development
08. Scenarios
environment. Transaction types include cryptocurrency payments,
subscription payments, credit payments, combined payments, and revenue
09. ACH Token splitting.

10. Roadmap

11. Team

12. Disclaimer
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Alchemy Pay facilitates the following typical scenario:

1. Customer at an offline merchant chooses cryptocurrency payments.

2. Merchant creates a sale order with their cash register app or mobile-
device POS. The app calls the Alchemy Pay SDK to acquire the
collection address of the transaction.

01. Preface 3. Alchemy Pay’s transaction processing system generates the

payment transaction order.

4. Payment gateway returns the collection address and transaction

02. Overview
order to Alchemy Pay SDK.

5. Alchemy Pay SDK creates QR code for user to then scan and pay.
03. Problems
6. User scans with a wallet APP to authorize the payment.

04. Vision 7. Alchemy Pay gateway checks transaction status of the block chain
order.
Bonus point program (above)
05. Mission 8. Alchemy Pay processor writes transaction order into blockchain
payment network.

9. Alchemy Pay gateway pushes real-time payment status to POS ● Based on a smart contract setting, the user receives a set amount of
06. Ecosystem
through WebSocket, notifying merchant of successful payment. the merchant’s tokens into a wallet they have registered with the
merchant
10. User can also pay through the Lightning Network with a similar
07. Features
process. ● Users can spend the rewarded tokens in future payments to the
merchant
08. Scenarios
8.5 Bonus Point Campaigns and Programs
Loyalty tokens can be listed on exchanges or traded for ACH tokens (see ACH
Alchemy Pay’s role in a typical scenario flows as follows:
09. ACH Token token section below) at incentivised rates.

● Alchemy Pay issues a unique crypto token for a merchant’s loyalty

10. Roadmap program

● When users shop with the merchant Alchemy Pay’s bonus point
11. Team gateway registers the transaction

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8.6 Escrow Payment class of highly liquid collateral that not only can be pledged or staked, but
also earn interest.
Alchemy Pay infrastructure makes it easy for two parties in a potential
transaction to automate escrow terms when the potential transaction can be
Consumer credit can work in the same way, adding such conveniences as
verified by smart contract. For off-chain assets, we provide secure arbitration
“buy now, pay later” to the menu of consumer options.
tools for trusted third parties to the potential transaction. The typical
configuration is set so that the escrow funder receives 100% of their escrowed
● For merchants, Alchemy Pay can provide unsecured short-term
funds if the transaction fails.
01. Preface digital currency loans based on their credit scores derived from
historical transaction data. The loan assets would include, but not
8.7 Local currency exchange be limited to ACH tokens and other mainstream crypto tokens.
02. Overview Tourists traveling overseas, migrant workers sending remittances back home,
and international students traveling abroad for short periods of time are all ● For individual consumers, Alchemy Pay can provide limited loans,
03. Problems faced with the problem of local currency exchange. The problems are based on historical payment data, and charge competitive interest
particularly acute in southeastern Asia, where high fees for transnational based on the score derived from the data.
remittance service providers/exchange service providers are the norm.
04. Vision
● For partners, Alchemy Pay can provide digital currency credit lines and
Through Alchemy Pay's solutions and numerous online and offline partner charge interest based on their historical transaction flow within the
05. Mission networks, users can exchange local currency easily. apps that we provide.

Alchemy Pay’s solutions for currency exchange merchants include escrow

06. Ecosystem
services that provide the customer peace of mind as well, in which the 8.9 Big Data
merchant can agree to receive the funds only after the customer confirms The inherently transparent and immutable nature of blockchain technology
07. Features receipt of the exchange. makes the trillions of transactions on blockchains a profound resource for
discovering predictive trends and probabilistic behaviors. Alchemy Pay’s

08. Scenarios existing business processes already process this scale of data and are well
8.8 Credit and Lending suited to deliver such value to enterprise partners in addition to shaping our own
The key to growth for small and medium-sized businesses is credit, and initiatives.
09. ACH Token decentralized applications offer profound new potential for this huge class of
businesses to establish credit. While credit scoring is a cornerstone of the
payment industry, Alchemy Pay adds the crypto dimension that can help
10. Roadmap
accelerate small and medium-sized businesses past the typical credit score
barriers that they face – enabling capital and credit flow by leveraging the
11. Team uniquely transparent information flow of blockchain payments and holdings.
Furthermore, digital assets offer small and medium-sized businesses a new
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9. The Token: ACH

In this ecosystem, ACH tokens can be pledged, staked, rewarded, accumulated,
and paid as fees by participants in the above segments to drive and incentivize
9.1 The Alchemy Pay Crypto-Fiat Ecosystem all the functions of the Alchemy Pay ecosystem--plus confer voting rights in
token governance or community scenarios.
Alchemy Pay’s ACH token is the supply-capped, smart contractible ERC-20
01. Preface
utility token that sits at the heart of the world’s first hybrid crypto-fiat
payment infrastructure, which Alchemy Pay developed to build an essential
02. Overview bridge between the crypto and fiat worlds. Pre-mined at its cap of
10,000,000,000 tokens on September 4, 2019, the ACH token supports a
comprehensive crypto-fiat transaction infrastructure, facilitating smooth
03. Problems
exchange between major currencies and major exchange-traded crypto
assets for businesses, institutions, and individuals.
04. Vision
It was first listed on the Huobi exchange on September 7, 2020, and on

05. Mission Coinbase on August 3, 2021.

For Businesses: Crypto-fiat B2C & B2B payment

06. Ecosystem We enable businesses to transact with retail consumers as well as other
businesses through crypto-fiat payment gateways. This includes crypto-
07. Features exchanges, e-commerce platforms, offline retail merchants, and more.

For Institutions: Crypto investment

08. Scenarios
We enable financial institutions, such as banks and fund management firms,
to offer crypto investment services to their clients by brokering the exchange
09. ACH Token between fiat and crypto.

For Individuals: Crypto-fiat shopping & investment

10. Roadmap
We enable individuals to borrow, make purchases with both regular and
crypto holdings, earn interest through staking, and buy and sell crypto assets
11. Team directly. This includes crypto-linked cards, applications and softwares,
whether developed in-house or by third parties.

12. Disclaimer
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9.2 Token Allocation

The overriding strategy behind this ACH allocation is to incentivize the enthusiastic participation of all key roles in the Alchemy Pay crypto-fiat hybrid ecosystem.

Proportion Allocation Description Lock-up Period

01. Preface
UTILITY
62% Total
Refers to tokens reserved to reward participants for transactions and other types of participation in the ecosystem.
02. Overview
Rewards enterprises for using Alchemy Pay’s payment
Enterprise
channels and transaction functions for sale of goods &
Transaction Rewards
03. Problems services. Unlocked in equal portions monthly for 60 months,
40%
starting 7 months from the date of first token listing.
Consumer Rewards consumers for transactions taking place on Alchemy
04. Vision Transaction Rewards Pay’s gateways

DeFi
Rewards for transactions within the Alchemy Pay DeFi Unlocked in equal portions monthly for 60 months,
05. Mission 11% Transaction
ecosystem. starting 7 months from the date of first token listing.
Rewards

06. Ecosystem Can not be sold into secondary markets without 1-to-1
6% Transaction Mobility Reserved to expedite timely transfers and usage of ACH.
replacement.

07. Features Incentivizing early enterprise partners to drive use cases and
5% Enterprise Partners Unlocked in stages according to agreed milestones.
contribute to the ACH community.

08. Scenarios STAKEHOLDERS

38% Total Refers to everyone involved in the development and launch of the ecosystem, from the founding team and our advisors to
enterprise partners and backers who believed in and committed resources to the project from the earliest stages.
09. ACH Token
Reserved by Alchemy Pay team for market expansion and Unlocked in equal proportions for 36 months from date of
18% Team
operational growth. first token listing.
10. Roadmap
Funds raised for early development, marketing and
18% Backers Varies from 8 to 56 months from date of first token listing.
operations.
11. Team
Incentive for the board of advisors for consultation, industry Unlocked in equal proportions for 24 months from date of
2% Advisors
networking and other resources. first token listing.
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Consumer transaction rewards are earned through spending rebates, and

9.3 The Role of ACH Token other consumer-targeted payment solutions within the Alchemy Pay
Network.
A. Access to Alchemy Pay Services
iv. DeFi Rewards
i. Pledging
DeFi transaction rewards are earned by all DeFi participants for staking
01. Preface Ecosystem partners – such as crypto-exchanges, e-Commerce platforms, and for various transactions in the process of either providing or using DeFi
payment companies, and financial institutions – buy and lock-up ACH in services in the Alchemy Pay ecosystem.
proportion to the partner’s client network size and projected transaction
02. Overview
volume through Alchemy Pay’s services. Pledged ACH can be returned As described above, ACH payment ecosystem is primarily designed around
immediately upon cancellation of the partner’s access to the service or incentivising payment behaviors. However, referral incentives play an
03. Problems forfeited in cases of unfair or fraudulent behavior. important role in the beginning while the number grows from its core early
adopters. These incentives will be reduced over time.
ACH holders that pledge ACH can gain access to different tiers of DeFi
04. Vision
products and services depending on the size and duration of the stake. This C. Decentralized Governance
may come in the form of spending rebates, staking yields, and others.
05. Mission Rights to vote on key business decisions and protocol changes will be
B. Ecosystem Incentives granted in proportion to ACH holdings. Some of these decisions and
potential changes include:
06. Ecosystem
i. Fee Discounts
● Types of tokens to be integrated on Alchemy Pay’s payment system.
07. Features Fees for transactions, investments, processing, etc., are payable either in ● DeFi services to be integrated on Alchemy Pay’s platforms.
the local fiat currency or ACH. Opting to pay for fees in ACH will result in ● Ecosystem incentive mechanisms, such as use of reward reserves.
08. Scenarios various fee discounts depending on terms and conditions for the
participants. Individuals or groups with more than 5% of ACH's existing circulating supply
can submit a proposal for votes. Proposals are executed if total votes
09. ACH Token exceed 10% of ACH’s current circulating supply and more than 51% of the
ii. Enterprise Payment Network
votes are in agreement.
10. Roadmap Enterprises such as financial institutions, payment companies, e-commerce
platforms, developers, etc., are the primary use case builders, and earn D. Value-Added Voting
enterprise transaction rewards at set rates based on their network size and
11. Team
transaction volume. We also anticipate non-governance voting scenarios conducted by
enterprise partners or Alchemy Pay itself, which can be facilitated by ACH
12. Disclaimer iii. Consumer Payment Network holdings, such as opinion polls and various kinds of contests in promotional
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or otherwise competitive settings. ACH can be used to qualify and The transaction volume portion is also divided into equal portions over the
incentivize both ACH holders and non-holders to vote (or simply participate 60-month lock-up period, but in this case the total reserve for each month
in some way) in various initiatives and promotions. is disbursed in proportion to each enterprise’s share of the month’s
transaction volume. Therefore, if a month’s transaction volume of an
E. Transaction Rewards enterprise is 20% of the total transaction volume of all enterprises in the
ecosystem, then that enterprise receives 20% of the total portion reserved
Enterprise, Consumer, and DeFi Transaction Rewards play a critical role in
for rewards that month. Through this protocol, enterprises have a strong
incentivising early participation, innovation, and growth of the Alchemy
01. Preface incentive to join the ecosystem as early as possible, as the earlier months
Pay ecosystem. These rewards are disbursed through algorithms that
will be divided among fewer enterprise participants.
moderate inflation while appropriately incentivising transactions.
02. Overview
Most ACH will be rewarded to both parties involved in a payment ii. DeFi Transaction Rewards
transaction. The core infrastructure that supports the operations of the
03. Problems payment system is the merchant node network. Merchants using Alchemy DeFi transaction rewards can be earned by all DeFi participants on a native
systems are defined as nodes, and payment and settlement transactions or partner wallet for staking and for various transactions in the process of
by merchants and payers take place on the merchant node network. The either providing or using DeFi services in the Alchemy Pay ecosystem. These
04. Vision
merchant node network is responsible for operations and maintenance of rewards would work the same way as the transaction volume portion of the
Alchemy's payment scenarios and capital flow operations. Enterprise Transaction Rewards, except the rewards are for the transacting
05. Mission entity rather than the facilitating enterprise.
After each transaction is completed, the node network will receive a
corresponding amount of ACH rewards based on the transaction volume.
06. Ecosystem The ACH token’s total allocation of 10B tokens is divided over a 60 month
This reward will be distributed to merchants and users participating in the
period (commencing 7 months after the date of first token listing) and each
transaction in accordance with smart contracted rules, with logarithmic
month’s rewards are disbursed in proportion to the transaction share of
07. Features increment functions so that the difficulty of obtaining rewards will increase
total transactions for that month. This is a strong incentive for the early
as the user base increases.
participants in the ecosystem, as rewards are exceptionally generous in the
08. Scenarios beginning and become increasingly scarce as ecosystem participation
i. Enterprise Transaction Rewards
increases.

09. ACH Token Half of this allocation is disbursed according to the network size of each
enterprise and half is disbursed according to their transaction volume.

10. Roadmap
The network portion is applied based on Alchemy Pay’s assessment of the
enterprise’s total business network size. It is disbursed in equal portions
11. Team every month during the 60-month lockup period, and autoACHally locked
up for an additional three months after each disbursement.

12. Disclaimer
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towards the sale of ACH Token. Therefore, for the token sale, the sale
10. Risk and Disclaimer strategy may be constantly adjusted in order to avoid relevant legal risks
as much as possible.

This white paper is a general description of the project to solicit feedback Inadequate disclosure of information: As at the date hereof, the ACH
from investors. Alchemy Pay's directors, consultants, and legal counsel Network is still under development and its design concepts, consensus
have the right to review and revise the document. Please do not copy or mechanisms, algorithms, codes, and other technical details and
01. Preface distribute any part of this white paper without including this Risk and parameters may be constantly and frequently updated and changed.
Disclaimer section. No part of this white paper establishes a legal Although this white paper contains the most current information relating to
relationship with the recipient of this white paper nor makes any claim by the ACH Network, it is not absolutely complete and may still be adjusted
02. Overview the recipient legally binding or enforceable against Alchemy Pay. Updates and updated by the ACH Development team from time to time. The ACH
may be published at any time. Development team has no ability and obligation to keep holders of ACH
03. Problems token informed of every detail (including development progress and
You acknowledge and agree that there are numerous risks associated with expected milestones) regarding the project to develop the ACH Network,
purchasing ACH Token, holding ACH Token, and using ACH Token for hence insufficient information disclosure is inevitable and reasonable.
04. Vision
participation in the ACH Network. In the worst scenario, this could lead to
the loss of all or part of the ACH Token which had been purchased. If you Competitors: Various types of decentralised applications are emerging at
05. Mission decide to purchase the ACH token, you expressly acknowledge, accept and a rapid rate, and the industry is increasingly competitive. It is possible that
assume the following risks: alternative networks could be established that utilise the same or similar
06. Ecosystem code and protocol underlying ACH token and/or the ACH Network and
Uncertain Regulations and Enforcement Actions: The regulatory status of attempt to re-create similar facilities. The ACH Network may be required
ACH Token and distributed ledger technology is unclear or unsettled in to compete with these alternative networks, which could negatively impact
07. Features many jurisdictions. The regulation of virtual currencies has become a ACH Token and/or the ACH Network.
primary target of regulation in all major countries in the world. It is
08. Scenarios impossible to predict how, when or whether regulatory agencies may apply Failure to develop: There is the risk that the development of the ACH
existing regulations or create new regulations with respect to such Network will not be executed or implemented as planned, for a variety of
technology and its applications, including ACH Token and/or the ACH reasons, including without limitation the event of a decline in the prices of
09. ACH Token Network. Regulatory actions could negatively impact ACH Token and/or any digital asset, virtual currency or ACH Token, unforeseen technical
the ACH Network in various ways. The Foundation, the Distributor (or its difficulties, and shortage of development funds for activities.
10. Roadmap affiliates) may cease operations in a jurisdiction in the event that regulatory
actions, or changes to law or regulation, make it illegal to operate in such Security weaknesses: Hackers or other malicious groups or organisations
jurisdiction, or commercially undesirable to obtain the necessary regulatory may attempt to interfere with ACH Token and/or the ACH Network in a
11. Team
approval(s) to operate in such jurisdiction. After consulting with a wide variety of ways, including, but not limited to, malware attacks, denial of
range of legal advisors and continuous analysis of the development and service attacks, consensus-based attacks, Sybil attacks, smurfing and
12. Disclaimer legal structure of virtual currencies, a cautious approach will be applied spoofing. Furthermore, there is a risk that a third party or a member of the
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Foundation, the Distributor or its affiliates may intentionally or

unintentionally introduce weaknesses into the core infrastructure of ACH
Token and/or the ACH Network, which could negatively affect ACH Token
and/or the ACH Network. Further, the future of cryptography and security
innovations are highly unpredictable and advances in cryptography, or
technical advances (including without limitation development of quantum
computing), could present unknown risks to ACH Token and/or the ACH
01. Preface Network by rendering ineffective the cryptographic consensus mechanism
that underpins that blockchain protocol.

02. Overview
Other risks: In addition, the potential risks briefly mentioned above are not
exhaustive and there are other risks (as more particularly set out in the
03. Problems Terms and Conditions) associated with your purchase, holding and use of
ACH Token, including those that the Foundation or the Distributor cannot

04. Vision anticipate. Such risks may further materialise as unanticipated variations
or combinations of the aforementioned risks. You should conduct full due
diligence on the Foundation, the Distributor, its affiliates and the ACH
05. Mission Development team, as well as understand the overall framework, mission
and vision for the ACH Network prior to purchasing ACH token.
06. Ecosystem

07. Features

08. Scenarios

09. ACH Token

10. Roadmap

11. Team

12. Disclaimer