Alongside implements Loop for recurring crypto payments in AMKT token

TL;DR: Alongside implements Loop Crypto to automate recurring crypto payments in AMKT, saving time and ensuring pricing accuracy in each of their transactions.

Introduction

Creator of the AMKT token for diversified exposure to the crypto markets, Alongside is using Loop Crypto to schedule monthly recurring crypto payments. The team has been working with Loop to streamline its crypto payment processes, bringing greater efficiency, accuracy, and time-saving to managing monthly payments in AMKT.

Background on Alongside

Alongside was founded in 2021 as a collaboration between co-founders Austin Diamond (CEO), Jun Ho Hong (Head of Engineering), Gauthier Le Meur (COO), and Rai Sur (CTO). They often describe themselves as the “on-chain Vanguard” and are building the tools investors need to take a long-term, passive investing approach to crypto markets. Having raised an $11M seed round, the team is backed by some of the leading venture capital and corporate venture teams including Andreessen Horowitz, Coinbase Ventures, and Franklin Templeton.

In a world where ‘aping’ into tokens to run up massive returns (and potentially equally massive losses) has been all too popular, Alongside’s formula is simple but battle-tested in more traditional finance: buy the market and do nothing. You can check out Austin’s “The Do Nothing Manifesto” to gain more insight into their philosophy.

Currently, their flagship product is a token known as AMKT. It’s an index token, fully collateralized and constantly rebalanced with the 15 leading crypto assets. Just like an ETF in the traditional equity world, by holding just one token, AMKT, an investor gains exposure to leading tokens like Bitcoin, ETH, Matic, and Shiba. AMKT is an ERC-20 token and is available across leading decentralized exchanges like Uniswap and Sushiswap as well as some centralized exchanges. All of the tokens indexed by the AMKT token are backed 1:1 and entirely smart contract secured onchain.

Scheduling payments in AMKT with Loop

For Alongside, it was critical to utilize their own native token AMKT for payments. Loop’s flexible architecture allows for recurring payments in any ERC-20. Our dynamic exchange rate pricing also makes it easy to set a payment amount priced in either USD or a token. This was critical for Alongside as they needed to send a USD-denominated amount of AMKT to contributors each month on a recurring basis.

Loop eliminated the need to manually conduct tedious exchange rate look-ups every month when they went to send AMKT. With Loop, they simply pre-configured a monthly send of a certain USD value, and then Loop automatically looked up the current exchange rate at the time of execution and sent the equivalent amount of AMKT tokens to the specified address. For example, Alongside could schedule a $5,000 payment denominated in AMKT on the 1st of every month. At the same time on the 1st of each month, Loop would dynamically query the price of AMKT and send the required amount of AMKT to equal $5,000. This eliminated all manual work for AMKT saving them time and ensuring accuracy on each send.

What’s next?

To date, the AMKT token has seen significant growth with over 11k tokens in circulation. Year to date in 2024, the token is up over 135%. So far, it does seem like Alongside’s mantra of “fortune favors the index investor,” is playing out. 😀

As the team continues to evolve their product offerings, they see tremendous potential to bring more investors into web3 by making it as simple as possible to invest in crypto and take a more market-driven investing approach. As an organization built around on-chain financial management, they are excited to see how their use cases for crypto payments will expand in the months and years to come. At Loop, we look forward to continuing to work with this impressive team and streamlining the process of managing crypto payments in AMKT or any other ERC-20 token.

To learn more about Alongside, check out their website and follow them on Warpcast and Twitter

If you want to automate recurring crypto payments in any ERC-20 token, let’s talk. Efficient companies choose Loop to save time and simplify their payment processes.

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About Loop

Loop Crypto is designed for companies, DAOs, and projects that need to get paid or make payments in crypto. Whether the payment is one-time or recurring, Loop supports a broad range of payment use cases: subscriptions, one-time charges, recurring bill pay, loan repayments, and donations. Loop has processed millions of dollars in on-chain transactions and powers crypto payments for the leading brands in web3 like ENS, Privy, Alchemy Subgraphs, Paragraph, Neynar, Pinata, and many others.

Are you ready to supercharge your payments? Book a call with Jeff, our Head of Business Operations, or head to our docs to learn more.

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© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.