Alchemy Pay, a leading payment gateway, has announced a strategic partnership with Lido, the decentralized staking protocol. This collaboration marks a significant step in bridging traditional finance with the decentralized finance (DeFi) sector by providing a fiat on-ramp for Lido’s stETH token.
Through this integration, users worldwide can now easily purchase and sell stETH using their preferred payment methods and local fiat currencies.
The partnership is designed to enhance the overall user experience by integrating Alchemy Pay’s efficient on and off-ramp services within Lido’s ecosystem.
This allows for seamless transactions and improves accessibility to stETH, the liquid variant of staked ETH which accrues daily staking rewards. This integration plays a pivotal role in promoting the use of stETH in various DeFi activities, such as providing liquidity on protocols like Curve and serving as collateral for loans on Aave.
Expanding Global Access and Ensuring Secure Transactions
Alchemy Pay’s payment gateway supports a wide array of payment methods including Visa and Mastercard transactions across 173 countries, along with Apple Pay, Google Pay, domestic transfers, and mobile wallets in emerging markets.
This extensive support ensures 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 straightforward as any regular online payment.
In addition to facilitating easy access to stETH, Alchemy Pay has obtained numerous licenses associated with payment services in various countries, including the UK, the United States, Canada, Indonesia, and Lithuania, with further licenses being pursued in Hong Kong and Singapore. Recognized by Visa and Mastercard as an authorized third-party service provider, Alchemy Pay adheres to strict compliance and regulatory standards.
Alchemy Pay now offers fiat On-Ramp for stETH on @LidoFinance , the leading staking protocol for Ethereum🔥
With our On & Off-Ramp, buying and selling stETH is a breeze on Lido, allowing you to dive into DeFi on-chain activities hassle-free💸https://t.co/ChqxWKPAes pic.twitter.com/FoOZ992ihW
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) May 14, 2024
This establishes it as a reliable fiat-crypto payment gateway, ensuring smooth and secure transactions for both individual users and business partners.
Lido’s innovative approach to decentralized staking allows users to mint transferable staking tokens, receiving rewards linked to validator activities on Ethereum and Polygon networks.
The Lido protocol batches user tokens to stake with validators and routes staking packages to network staking contracts. With total staked tokens currently at $29.7 billion, Lido is at the forefront of promoting secure and decentralized staking solutions.
This partnership between Alchemy Pay and Lido is more than just a technical integration; it is 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.