Alchemy Pay Gears up to Launch Web 3.0 Digital Bank for Businesses

Alchemy Pay Gears up to Launch Web 3.0 Digital Bank for Businesses

by May 22, 2024

Alchemy Pay, a provider of fiat-crypto payment solutions, is preparing to launch its Web 3.0 digital bank.

This new initiative aims to provide global Web 3.0 businesses with a compliant and efficient way to manage multi-fiat accounts, streamline cash flows, and facilitate conversions between fiat and cryptocurrency.

Inspired by Ripple’s cross-border payment model, the Web 3.0 digital bank addresses significant challenges in managing cross-border payments and fiat-crypto transactions.

With its existing licenses, including a Digital Payment Token (DPT) license in Singapore, as well as compliance capabilities, Alchemy Pay said it is positioned to offer online payment and banking solutions within regulatory frameworks.

The integration of its ramp product into the banking platform enables seamless fiat-crypto conversions within a single account.

This new banking product allows businesses to manage multiple fiat accounts and convert fiat into crypto through one platform.

Initially, the bank will support EUR and USD, enabling easy transitions between these currencies. Balances can be transferred instantly to stablecoins like USDT and USDC.

Alchemy Pay continues to build its extensive Web 3.0 payment ecosystem by integrating licensing resources and global compliance credentials.

It aims to expand alternative payment methods and introduce products tailored to various market needs.

With over 440 business partners, including notable names like Polygon, Stellar, and OKX, Alchemy Pay has enabled millions to access the crypto world.

Recently, Alchemy Pay invested in LaPay UK Ltd, securing an Authorised Payment Institution license regulated by the FCA.

The company also partnered with Victory Securities in Hong Kong to provide virtual asset trading and advisory services, particularly for the new Bitcoin and Ether spot ETFs.

 

Featured image credit: Edited from Freepik