Hybrid crypto-fiat gateway solution Alchemy Pay is launching Virtual Crypto-Linked Cards to accelerate the adoption of cryptocurrencies in the payment sector.
According to Alchemy Pay, they have completed development of their virtual card service. It is currently undergoing beta testing in multiple key markets. The virtual cards can be linked to digital wallets such as Google Pay and PayPal. They also offer support for over 40 cryptocurrencies.
The cards will be accepted across millions of merchants on the Visa and Mastercard networks. These also include popular eCommerce platforms such as Amazon and eBay. The company expects the virtual card services to be fully launched at the end of 2021 or early 2022.
About Alchemy Pay
According to Alchemy Pay, over $1 billion worth of crypto-linked card transactions have been processed. It expects this figure to continue growing in the near future. To this end, Alchemy Pay is looking to offer their virtual card services in an effort to further drive adoption rates. Alchemy Pay aims to provide full suite white-label service to crypto projects and businesses, as well as traditional institutions looking to integrate crypto-related solutions.
Alchemy Pay invented a hybrid fiat and digital currency gateway solution for businesses and investors. The company powers adoption of blockchain technology through enabling seamless crypto and fiat acceptance for merchant networks, developers and financial institutions. They also make crypto investment and DeFi services readily accessible to consumers and institutions in the fiat economy.
Today, it operates in 18 countries and regions and has touchpoints with more than 2 million merchants. It can do this through partnerships with industry giants such as Shopify, Arcadier, QFPay and more.
Pickup by payment networks
This is just the latest development in the integration of cryptocurrencies into the payment networks of giants Mastercard and Visa. Apart from launching a crypto rewards card with US crypto exchange Gemini, Mastercard also announced it would be enhancing its card program for crypto wallets and exchanges. Additionally, Mastercard recently debuted a corporate program for blockchain and crypto startups.
Meanwhile, Visa recently announced that its usage of its crypto-related cards already surmounted $1 billion in 2021. The same day, Visa announced its own crypto rewards card in partnership with BlockFi.
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