The crypto industry is evolving day by day with exciting collaborations to provide better services to crypto users. Today, exciting news has spread in the altcoin industry about a partnership between Alchemy and CHNC, a stablecoin pegged to the Chinese yuan (CHN). Here are the details of the partnership…
Altcoin ACH announces stablecoin partnership
Alchemy Pay, the leading platform as a systematic solution provider for crypto payments, has partnered with CNHC Group to enable crypto users to sell or buy CNHC against various fiat currency worldwide through its platform. Moreover, CNHC will become an important part of Alchemy Pay’s leverage and ecosystem. This collaboration will also be listed on CNHC Alchemy Pay’s platform, providing support for CNHC’s seamless payments and transfer between the world’s crypto and traditional finance.
CNHC Group is a Singapore-based stablecoin issuer and is pegged 1:1 to the Chinese yuan. They claim to store their reserves securely in the Singapore-based custodian. CNHC is issued for both the Conflux and Ethereum networks and is intended to act as an alternative source of assets to a bank account. In addition, CNHC says it offers reliable and affordable ways to process payments in international transactions. Currently, $15 million coins are in circulation. The CEO of CNHC Group used the following statements:
We are excited to partner with Alchemy Pay to provide seamless crypto payment and on-ramp solutions to our users. This partnership will allow CNHC to become part of the Alchemy Pay ecosystem and provide users with a convenient and secure way to buy and sell CNHC against fiat currency.
ACH price rises
The partnership aims to provide a comprehensive solution for the crypto market, which has grown rapidly in recent years. With the use of stablecoins, the partnership aims to reduce the volatility of cryptocurrencies and provide a reliable payment method for users. “This partnership is an important milestone for Alchemy Pay as it further strengthens our position as a leading platform for crypto payments. “We are excited to collaborate with the CNHC Group and provide our users with access to a reliable, efficient stablecoin.”
In March 2023, CNHC successfully secured $10 million in funding from KuCoin Ventures, Circle Ventures and IDG Capital. Alchemy Pay will act as a conduit between fiat currency and cryptocurrency on the CNHC network. Meanwhile, ACH price rallied from $0.03744 to $0.044 after the news of the partnership. At the time of writing, the coin is changing hands at $0.040, an increase of 5%.
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