Alchemy Pay obtains 4 new Money Transmitter Licences

This development aligns with Alchemy Pay’s strategy to streamline transactions between fiat and cryptocurrency, adhering to state-specific regulatory requirements. With its expanded regulatory approvals, Alchemy Pay is positioned to serve Web3 projects, crypto exchanges, and digital wallets across the US. This growing network of MTLs supports the company’s goal of creating a secure and scalable environment for crypto transactions, aiming to facilitate both domestic and international operations. 

Alchemy Pay reports a user base exceeding one million globally, processing millions in annual transactions. The company has also secured recognition as an authorised third-party service provider with Visa and Mastercard. Commenting on the recent acquisitions, Alchemy Pay officials noted that expanding its MTLs strengthens the company’s US presence as the country’s crypto sector develops. They emphasised that Alchemy Pay aims to uphold high standards in the Web3 space, particularly within the US market, which he described as primed for significant growth.

Alchemy Pay activity outside the US 

Beyond the United States, Alchemy Pay holds Money Services Business (MSB) status in Canada and is actively pursuing further licences in regions such as Hong Kong, Australia, South Korea, Singapore, and Europe. The company has set a target of obtaining 20 new licences worldwide. 

Founded in Singapore in 2017, Alchemy Pay provides solutions that connect crypto and fiat currencies. Its product offerings include On and Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments, and NFT Checkout, covering payment options. Notably, the company’s Ramp service enables crypto and fiat transactions, while its Crypto Card feature allows businesses and token issuers to offer branded cards for global spending.

In August 2024, fintech Unlimit strengthened its partnership with Alchemy Pay to enhance growth in markets across the EU, Southeast Asia, and Latin America by leveraging Unlimit’s payment solutions. The expanded partnership allowed Alchemy Pay to simplify settlements and offer various global and local payment options, such as Visa, Mastercard, SEPA, and Google Pay.