Alchemy Pay Launches Virtual Crypto Cards With Visa And Mastercard Support

[ad_1]

The hybrid crypto-fiat platform Alchemy Pay announced on Monday that the company will launch crypto-linked virtual cards accepting more than 40 cryptocurrencies like Bitcoin (BTC).

The new cards can be linked to Google Pay and PayPal digital wallets, and make payments on the Mastercard and Visa networks, as well as popular e-commerce platforms like Amazon and eBay.

According to the announcement, Alchemy Pay has already completed product development and launched beta testing in several key markets. The company plans to fully roll out the new product in late 2021 or early 2022.

The new initiative is launched in response to the growing demand for crypto-linked card transactions, enabling crypto companies to offer a full range of services as well as helping traditional institutions integrate crypto-related solutions, a said Alchemy Pay. As previously reported, Visa alone processed over $ 1 billion in total crypto spending in the first half of 2021.

Alchemy Pay did not immediately respond to Cointelegraphs request for comment.

Related: We Need To Be In The Crypto Space, Says Mastercard CEO

The news comes shortly after Alchemy Pay teamed up last week with Binance, the world’s largest cryptocurrency exchange in terms of transaction volumes. As part of the integration with Alchemy Pay, Binance will unlock crypto payments at merchants of Alchemy Pays partners in 18 countries, including e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay and others. The new functionality would be available through the Binances Binance Pay payment app.

As previously reported by Cointelegraph, Visa and Mastercard have aggressively entered the cryptocurrency business over the past year.

After announcing payment compatibility for Circles stablecoin USD Coin (USDT) in late 2020, Visa reaffirmed its commitment to crypto payments and fiat ramps, with a particular focus on stablecoin-based integrations. Mastercard has partnered with Circle and blockchain company Paxos to enable banks and crypto companies to deploy crypto cards globally.

[ad_2]