Cryptocurrency payment platform Alchemy Pay is expanding into real-world assets (RWA) through a new partnership with tokenization firm Backed, the company said in a June 12 announcement shared with Cointelegraph.
The company plans to launch 55 tokenized US exchange-traded funds (ETFs) and stocks on its RWA platform via Backed’s xStocks integration.
The rollout will enable direct fiat-to-RWA transactions with a focus on regions with limited access to US investment products.
“Together with Backed, we’re making it possible for regular people to access leading global stocks and ETFs, breaking down the legacy walls that have kept too many people out,” Alchemy Pay’s chief marketing officer Ailona Tsik said.
Backed also provides tokenized stocks and ETFs to the US crypto exchange Kraken.
Alchemy Pay’s RWAs won’t be available in the US
Alchemy Pay’s upcoming RWA platform will be available in regions where the platform supports fiat on-ramps and where xStocks are not restricted.
Apart from highly sanctioned jurisdictions like Iran, North Korea and Syria, the list of countries where xStocks are restricted includes the US, making Alchemy Pay’s RWAs unavailable to US residents.
“The reality is that users in the US already have relatively seamless access to traditional equities like stocks and ETFs through well-established brokerage platforms,” Tsik told Cointelegraph, adding:
“Our mission with this product is to bridge the gap for users outside of the US, especially in regions where direct access to such assets has traditionally been limited or unavailable.”
Solana-based RWA debut expected in August
Alchemy Pay’s RWA platform is expected to go live in August, with the product already available in prototype form through a dedicated portal. US exchange Kraken also announced its upcoming RWA offering in collaboration with Backed in May.
While Backed currently issues assets on Solana — the same blockchain used for Kraken’s upcoming tokenized RWA platform — Alchemy Pay said it aims to integrate more chains over time.
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“While xStocks currently issues its RWA assets on Solana and is part of the current integration, we’re not limiting ourselves to a single chain,” Tsik told Cointelegraph.
“In the future, we will continue to partner with RWA companies to support various RWA assets on different chains,” Tsik added.
According to its website, Alchemy Pay’s RWA platform is projected to support 173 countries, 50 fiat currencies, all possible crypto assets and more than 300 payment channels, including Visa and Apple Pay.
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