The virtual cards – which can be linked to digital wallets such as Google Pay and PayPal – will be accepted across millions of global merchants that use the Visa and Mastercard networks.
The cards will also be accepted on leading eCommerce platforms such as Amazon and eBay. Alchemy Pay’s current services operate across 18 countries have touchpoints with more than two million merchants through partnerships with Shopify, Arcadier, QFPay and more.
Our virtual crypto-linked cards can soon be used across millions of Visa and Mastercard merchants.
To accelerate adoption, this will be made available as a white-label service to businesses and institutions.https://t.co/CX5qXoXqqg
— Alchemy Pay (@AlchemyPay) August 9, 2021
Alchemy Pay noted in the announcement that the development of the virtual cards has been completed and the service is currently undergoing beta testing in “multiple key markets”.
Alchemy Pay expects the service to be finished and deployed towards the end of 2021 or early 2022.
According to Alchemy Pay, the virtual card initiative is being launched to tap into the reported rapid growth of crypto-linked card transactions across global markets. The firm estimates that over $1 billion worth of transactions has been processed.
To facilitate the growth and encourage greater crypto adoption, Alchemy Pay seeks to offer virtual card services as a “full suite white-label service to crypto projects and businesses” that can also cater to traditional markets that looking to integrate crypto-based payment solutions.
The move follows Alchemy Pay’s recent partnership with Binance, which aims to build a bridge between crypto and fiat currencies through the Binance Pay wallet. The partnership will enable users and merchants to pay and accept payments using peer-to-peer (P2P) crypto transactions, which support more than 40 cryptocurrencies across the 18 countries where Alchemy Pay is currently integrated and tap into Alchemy Pay’s vast merchant network.
— CZ 🔶 Binance (@cz_binance) August 5, 2021
Alchemy Pay is also moving into the European and Asian markets through partnerships with cryptocurrency exchange MEXC global and custody provider Cobo Custody. The partnership with MEXC global will provide fiat on-ramps for MEXC’s European market and enable users to deposit fiat onto MEXC Global with their credit and debit cards.
For Cobo Custody, Alchemy Pay will provide greater payment options, enhanced security and better custodial services for clients. Cobo’s services include a mobile wallet (Cobo Wallet), a high-end cold storage wallet (Cobo Vault) and custodial services for institutional investors.
Following the recent spate of integrations and partnerships with leading cryptocurrency firms, the native of Alchemy Pay, ACH, has seen a major upturn in price. The asset has also recently been listed on Coinbase Pro.
Coinciding with the August 3rd listing on Coinbase Pro, ACH has rallied by over 3000% from an August 2nd low of $0.05 to an all-time high of $0.18, set on August 6. At press time, ACH has consolidated at a price of around $0.10.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.