Pharos Network integrates PROS token into Alchemy Pay, extending global user access to L1 network

In a groundbreaking effort to make native tokens accessible to cryptocurrency users around the world, Pharos Network, a layer 1 blockchain network, today announced a strategic partnership with Alchemy Pay, a global payments gateway. Through this partnership, Pharos has integrated its native token (PROS) into Alchemy Pay’s fiat on-ramp technology, making it more accessible to digital asset users around the world.

Pharos Network is a layer 1 blockchain designed to power fast and scalable tokenized assets and decentralized applications. The network supports EVM compatibility and leverages the native token PROS to enable seamless connectivity between RWA and DeFi.

Pharos Network launches token on Alchemy Pay

Through the above collaboration, Alchemy Pay has integrated the Pharos token into its fiat on-ramp solution, unlocking the accessibility and utility of the asset among millions of users on the payment gateway. Founded in 2017, Alchemy Pay is a Singapore-based global payments platform that efficiently connects cryptocurrencies and traditional fiat currencies for businesses and consumers. The ecosystem is comprised of users, merchants, and transaction service network partners, and its payment platform instantly converts cryptocurrencies and fiat currencies at current exchange rates, eliminating concerns about volatility.

This integration will make Pharos’ tokens available in Alchemy Pay’s on-off ramp solution, allowing users around the world to buy and sell PROS directly using their preferred local fiat payment methods. Alchemy Pay’s payment gateway supports Mastercard and Visa payments in 173 countries and connects to major money transfer services including Google Pay, Apple Pay, domestic bank transfers, and local mobile wallets. With the introduction of the above technology, users in 173 countries can now purchase PROS directly using their preferred payment method without going through a centralized exchange.

Expanding adoption of encrypted networks

Given Pharos Network’s mission to connect traditional financial services to DeFi, our partnership with Alchemy Pay is another important step in making this effort a reality. Through this partnership, Pharos will leverage Alchemy Pay’s fiat on-ramp solution to enhance the token’s accessibility to a larger user base around the world, further enhancing the network’s adoption and ease of use.

Pharos Network, which launched blockchain and tokens for utilities last month, is on a mission to build a comprehensive global payments layer for RWA and DeFi applications. Alchemy Pay’s payment gateway infrastructure will enable customers around the world to efficiently convert fiat currency into PROS tokens, removing a significant barrier to entry for those new to the Pharos Network.