Crypto payment firm Alchemy Pay is set to roll out virtual crypto-linked cards that will be accepted on the Visa and Mastercard network across the world to accelerate the adoption of cryptocurrencies in the payment sector.
Alchemy Pay is claimed to be the world’s first hybrid crypto-fiat gateway solution which bridges the gap between the fiat and crypto economies. It powers seamless crypto and fiat acceptance for merchant networks, developers and financial institutions, and powers adoption of blockchain technology.
The virtual crypto-linked Visa and Martercard cards can be linked to digital wallets such as Google Pay and PayPal. The cards will support more than 40 cryptocurrencies such as Bitcoin and Ethereum.
The cards will be accepted across millions of merchants on the Visa and Mastercard network, including 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. The new card service is currently undergoing beta testing in multiple key markets.
Through the roll out of the new service, Alchemy Pay is looking to grab a major chunk of the more than $1 billion worth of crypto-linked card transactions being processed annually. It is also expected to continue growing rapidly in the near future.
Alchemy Pay is looking to offer the virtual card services as a full suite white-label service to crypto projects and businesses as well as traditional institutions looking to integrate crypto-related solutions.
Alchemy operates in 18 countries and regions and has touchpoints with more than 2 million merchants through partnerships with industry giants such as Shopify, Arcadier, QFPay and more.
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