Alchemy Pay, a fiat-crypto payment solutions provider, announced that it has secured additional U.S. Money Transmitter Licenses (MTLs) in Minnesota, Oklahoma, Oregon, and Wyoming.
These licenses bring Alchemy Pay’s total to 8 U.S. state licenses, following its approvals in Arkansas, Iowa, New Hampshire, as well as New Mexico.
This underscores Alchemy Pay’s dedication to regulatory compliance and building a “trusted” infrastructure in the U.S. market.
With these licenses, Alchemy Pay can expand its crypto services to residents and businesses across these states, enhancing accessibility for users looking to transact between fiat and cryptocurrencies via its “on and off-ramp service.”
This aligns with Alchemy Pay’s dedication to setting standards for compliant growth in Web3 — a landscape seen as “promising” under the recent pro-crypto sentiment in the U.S. market.
Romeo Luo, Chief Revenue Officer at Alchemy Pay said that their mission is to build a compliant infrastructure that “connects the traditional financial system with the decentralized crypto economy.”
Luo added that securing MTL licenses in Minnesota, Oklahoma, Oregon, and Wyoming strengthens their “foothold in the U.S. market, where the crypto economy is poised for tremendous potential.”
Alchemy Pay’s approach ensures its services meet each state’s regulatory framework.
“Trusted” by over one million registered users globally, Alchemy Pay has processed millions in transaction volume “yearly and is recognized by payment giants Visa and Mastercard as an authorized third-party service provider.”
Alchemy Pay is registered as a Money Services Business (MSB) in Canada.
The company continues to pursue additional licenses across key regions, including Hong Kong, Australia, South Korea, Singapore, and Europe, with a target of “securing 20 new licenses globally to further its vision of a connected, compliant crypto economy.”
Alchemy Pay claims that it is positioned to empower Web3 projects, exchanges, and wallets across the U.S. to “expand their operations and drive crypto adoption.”
The acquisition of these MTLs underscores Alchemy Pay’s commitment to an accessible crypto payment ecosystem that thrives in the U.S. and the global market.
Founded in Singapore in 2017, Alchemy Pay is a payment gateway that connects crypto with “traditional fiat currencies for businesses.”
With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay ‘supports payments in 173 countries.”
The Ramp is a solution to buy and sell crypto and fiat, integrated by platforms and dApps according to requirements.
The Crypto Card solution empowers businesses to provide users with virtual and physical cards for spending.
Additionally, their Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities.
The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to spend their crypto assets.
ACH is the Alchemy Pay network token on the Ethereum blockchain.
