Alchemy Pay, a prominent payment gateway, has revealed a strategic alliance with Lido, the decentralized staking protocol. This partnership signifies a significant advancement in linking traditional finance with the decentralized finance (DeFi) sector by introducing a fiat on-ramp for Lido’s stETH token.
Thanks to this collaboration, users globally can now effortlessly buy and sell stETH using their preferred payment methods and local fiat currencies.
The aim of this partnership is to enhance the overall user experience by incorporating Alchemy Pay’s efficient on and off-ramp services into Lido’s ecosystem.
This seamless integration allows for smooth transactions and enhances accessibility to stETH, the liquid form of staked ETH that earns daily staking rewards. This integration plays a crucial role in promoting the utilization of stETH in various DeFi activities, such as providing liquidity on platforms like Curve and acting as collateral for loans on Aave.
Increasing Global Reach and Ensuring Secure Transactions
Alchemy Pay’s payment gateway supports a wide range of payment methods, including Visa and Mastercard transactions across 173 countries, as well as Apple Pay, Google Pay, domestic transfers, and mobile wallets in emerging markets.
This extensive support guarantees global accessibility for Lido users and offers high conversion rates with minimal fees for acquiring stETH. The simplified process of buying and selling crypto with domestic currencies makes digital asset transactions as simple as any regular online payment.
In addition to facilitating easy access to stETH, Alchemy Pay has secured numerous licenses related to payment services in various countries, including the UK, the United States, Canada, Indonesia, and Lithuania, with additional licenses being pursued in Hong Kong and Singapore. Recognized by Visa and Mastercard as an authorized third-party service provider, Alchemy Pay adheres to stringent compliance and regulatory standards.
Alchemy Pay now provides a fiat on-ramp for stETH on @LidoFinance, the top staking protocol for Ethereum
With our On & Off-Ramp, buying and selling stETH is a breeze on Lido, allowing you to engage in DeFi on-chain activities without any hassle
https://t.co/ChqxWKPAes
pic.twitter.com/FoOZ992ihW
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay)
May 14, 2024
This positions it as a dependable fiat-crypto payment gateway, ensuring smooth and secure transactions for both individual users and business partners.
Lido’s innovative approach to decentralized staking enables users to mint transferable staking tokens, receiving rewards tied to validator activities on Ethereum and Polygon networks.
The Lido protocol groups user tokens to stake with validators and directs staking packages to network staking contracts. With total staked tokens currently at $29.7 billion, Lido is leading the way in promoting secure and decentralized staking solutions.
The partnership between Alchemy Pay and Lido goes beyond just a technical integration; it signifies a step towards a more interconnected and accessible blockchain ecosystem. By enabling easy and secure access to stETH through familiar payment methods, Alchemy Pay and Lido are paving the way for broader adoption of DeFi practices and enhancing the utility of staked assets.
Alchemy Pay and Lido collaborate to provide accessible stETH purchases using fiat onramps