Alchemy Pay, a hybrid crypto-fiat platform, said on Monday that it would offer virtual crypto-linked cards that will accept more than 40 cryptocurrencies, including Bitcoin (BTC).
What is Alchemy Pay?
Google Pay and PayPal digital wallets can link the new cards. Additionally, everyone can use them to make purchases on the Mastercard and Visa networks. It also includes well-known e-commerce sites like Amazon and eBay.
According to the release, Alchemy Pay has finished product development and beta testing in several crucial regions. The company plans to launch the new product in its entirety by the end of 2021 or early 2022.
According to Alchemy Pay, the new effort responds to the rising demand for crypto-linked card transactions. Therefore, allowing crypto firms to offer a full range of services while assisting traditional banks in integrating crypto-related solutions. As previously reported, Visa alone handled over $1 billion in total crypto expenditures in the first half of 2021.
Alchemy Pay and Binance
The announcement comes after Alchemy Pay joined Binance, the world’s largest cryptocurrency exchange by trading volume, only a few weeks ago. Binance will allow crypto payments among merchants of Alchemy Pay’s partners in 18 countries. This includes e-commerce giant Shopify, software technology firm Arcadier, mobile payment service QFPay, and others. Binance Pay, Binance’s payment app, will be able to access the new feature.
Mastercard and Visa Push Crypto
Visa and Mastercard have been aggressively expanding into the bitcoin sector over the last year.
Visa has reiterated its commitment to crypto payments and fiat on-ramps. Therefore, highlighting a specific focus on stablecoin-based integrations after announcing payment compatibility with Circle’s stablecoin USD Coin (USDT) in late 2020. Mastercard has partnered with Circle and Paxos, a blockchain startup, to enable banks and crypto firms to launch crypto cards worldwide.
