Alchemy Pay to launch Visa and Mastercard Crypto Card services
- The card will be accepted at merchant stores on the Mastercard (NYSE:) and Visa (NYSE:) networks.
- According to Alchemy Pay, the card will support more than 40 digital assets.
- Alchemy Pay has already finished developing the card and is currently in beta testing.
- It is said that the virtual crypto card service aims to promote the use of cryptography in the payment space.
Alchemy Pay, a hybrid cryptocurrency platform, is preparing to roll out a crypto-related virtual card. The company revealed its plans through a press release held on Monday, noting that the launch seeks to boost cryptocurrency adoption in the payment sector. Reportedly, users of virtual crypto cards will be able to link them to digital wallets, such as Google (NASDAQ 🙂 and PayPal.
According to a news article, the cards will support more than 40 digital assets. In order to ensure that these cryptocurrencies are easy to spend, the cards will be supported across millions of merchant stores on the Visa and Mastercard networks. In addition, cards will be accepted on e-commerce platforms, such as Amazon (NASDAQ 🙂 and eBay (NASDAQ :).
The company has already completed the development phase, and the cards are currently undergoing beta testing in several leading markets. At this pace, the company expects the service to be fully available at the end of this year or early 2022.
Cards that support encryption are rapidly growing in popularity
Alchemy Pay’s decision to introduce virtual crypto cards was driven by the rising popularity of crypto card-based payments. The company cited a report revealing that crypto-enabled Visa cards recorded a transaction volume of over $1 billion in the first half of 2021. With these volumes expected to increase as the industry expands, the company is confident that its crypto-virtual card stands a fighting chance in the space.
To gain an edge over its competitors, Alchemy Pay also intends to offer its virtual card services as a full-fledged service. In doing so, the card service will be useful to crypto projects, businesses, and traditional organizations that want to integrate crypto payment solutions into their systems.
The news comes after Alchemy Pay teamed up with Binance, the largest crypto exchange by trading volume, to streamline peer-to-peer (P2P) crypto payments. The transaction saw Binance integrate Alchemy Pay’s hybrid crypto solution to build a payment bridge between cryptocurrencies and securities through the Binance Pay Wallet. As a result of this transaction, Binance Pay now has a better chance of mass adoption through Alchemy Pay’s extensive network of trading partners, which includes Shopify (NYSE :), and Aldo, among others.
on the flip side
- While the hybrid cryptocurrency platform Alchemy Pay has the potential to simplify crypto payments, it is worth noting that the high volatility associated with cryptocurrencies prevents it from achieving such a feat.
- An example of such volatility is seen in (BTC), which jumped from $40,865.87 on Friday last week, to $45,783.01 at the time of writing, Monday 9 12:32 PM UTC.
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