Alchemy Pay to roll out web3 digital banking solution for enterprises

Wednesday 22 May 2024 14:25 CET | News

Singapore-based crypto payment gateway Alchemy Pay has set to launch Web3 Digital Bank, its new solution for multi-fiat accounts.


Alchemy Pay’s Web3 Digital Bank 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.

Alchemy Pay has set to launch Web3 Digital Bank, its new solution for multi-fiat accounts.

Addressing challenges facing transaction between fiat and crypto

Alchemy Pay's new initiative, inspired by Ripple's cross-border payment model, addresses the challenges Web3 companies face with fiat and cryptocurrency transactions. The launch of the Web3 Digital Bank aims to meet these dual needs effectively, something that other products have traditionally addressed individually.

Leveraging its existing licenses and compliance capabilities, Alchemy Pay can introduce online payment and banking solutions for businesses within regulatory frameworks. The integration of its ramp product into its banking offerings allows for seamless conversions between fiat and cryptocurrencies within a single bank account.

Bridging fiat and crypto with a single 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 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.

Important developments in the cryptocurrency ecosystem

The crypto world has witnessed significant news in recent months. On 20 May 2024, SEC asked exchanges to expedite 19B-4 filings for Spot Ether ETFs, increasing the odds of its approval. Earlier, on 30 April 2024, the Securities and Futures Commission of Hong Kong granted approval and greenlit the official trading for the inaugural Bitcoin and Ether spot ETFs.

Through Alchemy Pay, companies are able to invest directly in their desired crypto targets through fiat currency as part of their corporate assets. Serving as the bridge between fiat and crypto global economies, Alchemy Pay is dedicated to offer real-world services that seamlessly link Web2 and Web3 for businesses and users worldwide, promoting a more inclusive and equitable financial landscape.

To date, Alchemy Pay steadily keeps building its extensive Web3 payment ecosystem by deeply integrating licensing resources and global compliance credentials. This strategy involves expanding alternative payment methods (APMs) globally to augment service capabilities and introducing a range of payment products designed for various market needs.

Looking ahead, its newly developed banking products will further support enterprises venturing into the crypto field, solidifying its role in facilitating business transactions within the crypto sphere.

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Keywords: web3, cryptocurrency, product launch, digital banking, regulation
Categories: DeFi & Crypto & Web3
Companies: Alchemy Pay
Countries: World
This article is part of category

DeFi & Crypto & Web3

Alchemy Pay

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