"Alchemy Pay" to Launch Support for Crypto-Linked Virtual Cards

Alchemy Pay [$ACH ], a hybrid crypto-fiat payment gateway, has announced the launch of virtual crypto-linked cards that will support and accept more than 40 cryptocurrencies. These cards can be linked to digital wallets like Google Pay and PayPal and will be accepted by millions of merchants using the Visa and Mastercard networks. They will also work on major eCommerce platforms like Amazon and eBay.

Alchemy Pay [$ACH ] operates in 18 countries and connects with over two million merchants through partnerships with Shopify, Arcadier, QFPay, and more. The company stated that the virtual card development is complete and currently undergoing beta testing in multiple key markets, with full deployment expected by late 2021 or early 2022.

The virtual card initiative aims to capitalize on the rapid growth of crypto-linked card transactions worldwide, with over $1 billion in transactions processed. Alchemy Pay plans to offer the virtual card service as a full-suite white-label service to crypto projects and businesses, as well as traditional markets looking to integrate crypto-based payment solutions.

This move follows Alchemy Pay’s recent partnership with Binance, aiming to bridge crypto and fiat currencies through the Binance Pay wallet. This partnership will allow users and merchants to perform peer-to-peer (P2P) crypto transactions supporting over 40 cryptocurrencies in the 18 countries where Alchemy Pay operates.

Alchemy Pay [$ACH ] is also expanding into European and Asian markets through partnerships with cryptocurrency exchange MEXC Global and custody provider Cobo Custody. The partnership with MEXC Global will provide fiat on-ramps for the European market, enabling users to deposit fiat with their credit and debit cards. For Cobo Custody, Alchemy Pay will enhance payment options, security, and custodial services, including Cobo Wallet, Cobo Vault, and services for institutional investors.