Alchemy Pay, a cryptocurrency payment gateway, is expanding its global footprint after securing a significant US payments license. The company recently revealed that it had been granted a money transfer license by the Arkansas Department of Securities.
This license, issued on September 13, officially permits Alchemy Pay to offer various services, including selling or issuing payment instruments, handling stored value and prepaid access, and receiving funds, digital currency, or monetary value for transmission.
Notably, this marks Alchemy Pay's first money transfer license in the United States. With this license, the company joins the ranks of cryptocurrency firms that are authorized to facilitate crypto-to-fiat trading in Arkansas, including industry giants like Coinbase, Block (Jack Dorsey's company), MoonPay, bitFlyer exchange, and more.
This achievement is a significant milestone for Alchemy Pay as it strives to secure approvals from local regulators in key global markets. The company already holds licenses in other operating markets such as Indonesia and Lithuania. According to Robert McCracken, Head of Ecosystem at Alchemy Pay, the company is actively pursuing money transfer licenses in additional US states as part of its commitment to compliance.
Founded in Singapore in 2018, Alchemy Pay operates a platform that facilitates crypto-to-fiat payments, allowing users to transact between traditional fiat currencies like the US dollar or euro and cryptocurrencies such as Bitcoin and Ethereum. The platform currently supports payments in 173 countries , including Australia, Canada, Hong Kong, the United Arab Emirates, India, and more.
This development follows Alchemy Pay's inclusion in Mastercard's website data protection program in June 2023, where it serves as one of the compliance service providers. Additionally, Alchemy Pay was officially recognized as a service provider by Visa in January 2023, solidifying its position in the cryptocurrency payment sector.
