Alchemy Pay, the fiat-crypto payment solution provider, is set to launch its latest venture, the Web3 Digital Bank.
This new initiative will offer global Web3 businesses “a compliant, easy, and reliable means to open and operate multi-fiat accounts, streamline cash flows within a single account, and facilitate seamless conversions between fiat and cryptocurrency.”
This fresh initiative, inspired by Ripple‘s model for cross-border payments, “addresses key challenges while introducing innovative solutions.”
Web3 companies have long faced urgent needs and significant challenges in “managing cross-border payments and transactions between fiat and cryptocurrencies.”
Although numerous products have been developed “to tackle these issues individually, only a few have successfully managed to tackle both at the same time. With the launch of the Web3 Digital Bank, Alchemy Pay is taking a significant step forward in fulfilling these dual requirements simultaneously.”
Leveraging its existing licenses and compliance capabilities, Alchemy Pay is “well-positioned to introduce online payment and banking solutions for businesses within regulatory frameworks.”
The integration of Alchemy Pay’s proven and user-friendly ramp product “into its banking offerings allows for seamless conversions between fiat and cryptocurrencies within a single bank account.”
With extensive experience in crypto payments, Alchemy Pay “is poised to deliver an advanced banking product that enables businesses to efficiently manage multiple fiat accounts and convert fiat into crypto through the same platform.”
In essence, Alchemy Pay has transformed “into a true Web3 bank, expanding financial possibilities through its innovative banking system equipped with fiat-crypto conversion ramps.”
The account opening feature “offers a seamless solution for those seeking a multi-fiat currency account. Initially supporting EUR and USD, this feature enables smooth transitions between these two currencies.”
Leveraging Alchemy Pay’s expertise and proficiency in bridging fiat and crypto, EUR and USD balances within this account “can be instantly transferred to stablecoins like USDT and USDC, thereby elevating borderless finance to a whole new level and paradigm in this new market cycle.”
The crypto world has witnessed “significant developments in recent months. On May 20th, SEC asked exchanges to expedite 19B-4 filings for Spot Ether ETFs, increasing the odds of its approval.”
Earlier, on April 30th, the Securities and Futures Commission of Hong Kong “granted approval and greenlit the official trading for the inaugural Bitcoin and Ether spot ETFs.”
Echoing these innovations that pushes cryptocurrency “towards broad acceptance and brings a new wave of investment opportunities.”
The Alchemy Pay Web3 digital bank also “acts as a central hub aiding Web2 companies interested in crypto industry investments.”
Founded in Singapore in 2017, Alchemy Pay is “a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users.”
With its On & Off Ramp solution, Crypto Card, Web3 Digital Bank, NFT Checkout, and Crypto Payments, Alchemy Pay “supports payments in 173 countries.”
The Ramp is a one-stop solution “to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements.”
The Crypto Card solution empowers businesses and token issuers “to provide users with branded virtual and physical cards for instant global spending.”
The Web3 Digital Bank offers “an innovative solution, allowing Web3 enterprises to open multi-fiat accounts and facilitating instant conversion between fiat and cryptocurrencies.”
ACH is the Alchemy Pay network token on the Ethereum blockchain.
