Why is the NEO price rising today?

on May 23, 2023
  • At press time, NEO was trading at $10.23, up 7.79% in the last 24 hours.
  • The price of NEO has shown significant price movements over the last two days.
  • The main reason for the NEO price surge is the recent Alchemy Pay partnership.

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NEO price has been on the rise since Monday with the bull trend gathering momentum by the day. The price has risen by over 12% in the last two days attracting the attention of crypto traders.

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But why is the NEO price rising? NEO is today the fourth largest gainer among the top 100 cryptocurrencies by market cap.

Reason for today’s NEO price surge

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The main reason behind today’s NEO price surge is believed to be the recent partnership that Neo entered into with Alchemy Pay, as announced on May 18, for easy on-and off-ramping to the Neo Ecosystem.

Neo is a leading open-source community-driven blockchain platform and the partnership will allow Neo users from across the globe to be able to purchase cryptocurrencies using their preferred local fiat currencies.

Developers building on Neo will also benefit from Alchemy Pay’s direct-to-customer plugin, which can be easily integrated and deployed on dApps and platforms with minimal hassle and cost.

Alchemy Pay’s payment gateway

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The Alchemy Pay payment gateway allows users to make payments using Visa Inc.’s (NYSE:V), Mastercard (NYSE: MA), Diners Club, and Discover across 173 countries, along with mobile wallets and domestic transfers in developing markets.

Alchemy Pay’s user-friendly low fees, exceptional conversion rates, and KYC process make buying and selling cryptocurrencies with local currencies as expedient as any online payment system. Its extensive network has more than 300 fiat payment channels, permitting checkouts beyond card payments into local mobile wallet options.

Alchemy Pay has previously partnered with Neo to incorporate NEO token into Alchemy Pay’s global crypto-fiat gateways. Also, both Neo and Alchemy Pay are members of the Blockchain Infrastructure Alliance as founding members.

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