Singapore-based payments provider Alchemy Pay has raised $10 million from DWF Labs at a $400 million valuation to expand its business in South Korea. Alchemy Pay aims to capitalize on South Korea's high level of crypto acceptance and assist local firms in achieving greater internationalization.

The company has worked with major players like Visa, Mastercard, Google Pay, and Apple Pay to provide a way for crypto companies to access the fiat payment system. DWF Labs has now put its name to eight investments or funding rounds of at least $10 million into crypto and Web3 projects in the past six weeks, totaling $165 million.