Alchemy Pay To Roll-out Virtual Cryptocurrency Cards In Collaboration With Mastercard
Alchemy has announced that it will be rolling out cryptocurrency cards that will support above 40 cryptocurrencies like Bitcoin and others. Furthermore, the crypto-fiat platform disclosed that users could link the cards to their Paypal digital wallets and Google Pay from the announcement.
With such, users can pay through both Visa and MasterCard networks seamlessly. Also, anyone with a card and uses them on eBay and Amazon.
The announcement also revealed that Alchemy Pay has developed the products and even launched beta testing activities in many key markets. Accordingly, the hybrid firm plans to start using the cards from 2021, ending, or early 2022.
Reason Behind The Cryptocurrency Card Launch?
Before now, many crypto enthusiasts and users have been agitating for crypto-linked cards to facilitate transactions. With such cards, users believe that businesses in the industry can offer more services, and even the traditional institutions can integrate relevant crypto-related solutions.
Let’s recall that Alchemy Pay recently partnered with the crypto exchange, Binance. One of the partnership criteria is Binance to unlock cryptocurrency payments on all the merchants of Alchemy Pay partners operating in eighteen countries.
Some of the partners include Arcadier, a software tech company, QFPay, a mobile payment firm and Shopify, and e-commerce guru, plus other merchants.
According to our sources, MasterCard and Visa have made many efforts to join the crypto industry as top players. In an early report, our sources estimated a total of $1billion+ crypto transactions by Visa alone from January to June 2021.
Visa first announced last year that the USDC coin is compatible with its network. Afterward, the firm also went ahead to reaffirm its interest to integrate crypto payments & fiat on-ramps.
Furthermore, it mentioned categorically that they are focusing more on integrating stablecoins to their cards. On the other hand, Mastercard has partnered with Paxos, the Circle & blockchain firm, to facilitate the launch of crypto cards all-round the globe.
Background on Alchemy Pay
Alchemy Pay launched the first-ever hybrid fiat & digital currency payment solution for investors and businesses. It facilitates a seamless fiat and cryptocurrency acceptance for many developers, financial institutions, and merchant networks.
It also boosts blockchain tech adoption, helping many people access DeFi services and crypto investments. In addition, through the gateway, institutions, and consumers operating in the fiat sector can also invest in cryptocurrency and DeFi.
The firm has grown a lot and has reached at least 18 countries, regions, and millions of merchants.Source