Alchemy Pay plans to launch its own layer-1 blockchain

Crypto payment provider Alchemy Pay has announced plans to launch its own layer 1 blockchain, which the company says will target large-scale business applications.

Alchemy Pay (ACH) states that its layer 1 blockchain will be called Alchemy Chain and will be built on the Solana (SOL) Virtual Machine architecture. According to the announcement made on December 11, the new L1 will offer a payment system that allows users to make transactions with fiat and crypto.

The platform will also offer a user-friendly ecosystem, on-chain abstraction, a stablecoin revenue mechanism and yield generation that bridges on-chain and off-chain processes. Additionally, the blockchain network will also integrate a layer-2 solution, as stated in the company’s blog post.

Alchemy Chain will launch with a meme launchpad and a meme Telegram bot, aiming to capitalize on the growing popularity of meme-based projects.

The company announced its initial plans for the L1 blockchain in late October 2024, and this news saw the price of ACH rise by double digits.

The latest details on the previously announced target also showed that the ACH price has seen a significant increase, up 14%. But aside from the news about the project, its price was also trading higher as Bitcoin (BTC) rose to $100,000 with the bulls’ new recovery.

In recent months, many platforms have attempted to launch their own layer 1 and layer 2 chains.

Coinbase announced Base’s mainnet in August 2023, while Chiliz announced its own blockchain in February. World, formerly known as Worldcoin, has partnered with Alchemy Pay to launch World Chain. Recently, crypto exchange Kraken announced that it plans to launch its L1 blockchain in 2025.