Alchemy Pay, a cryptocurrency payment gateway, is expanding its global presence with the acquisition of a major payment license in the United States.
The company has successfully secured a Money Transmitter License in the state of Arkansas, according to an announcement made to Cointelegraph on September 20. This license, granted by the Arkansas Securities Department, authorizes Alchemy Pay to offer a range of services, including the sale and issuance of payment instruments, stored value services, prepaid access, as well as the receipt of money, virtual currency, or monetary value for transmission.
With this license, Alchemy Pay joins the ranks of other cryptocurrency firms already authorized to facilitate crypto-to-fiat transactions in Arkansas, including notable names like Coinbase, Block (founded by Jack Dorsey), MoonPay, bitFlyer exchange, and others.
This achievement represents a significant milestone in Alchemy Pay’s efforts to secure regulatory approvals in important global markets. The company has previously obtained licenses in its operating markets, such as Indonesia and Lithuania. Alchemy Pay is actively working to obtain Money Transmitter Licenses in other U.S. states.
Alchemy Pay Acquires Key License for U.S. Expansion in Crypto Payments
Robert McCraken, Alchemy Pay’s ecosystem lead, emphasized the company’s strong commitment to compliance and the substantial time and effort invested in obtaining licenses across various countries and regions. He stated that the company is now preparing to expand its presence and services in the United States, aiming to contribute to bridging the gap between the fiat and crypto global economies.
Established in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform that facilitates transactions between traditional fiat currencies like the U.S. dollar and euro and cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). The platform currently supports payments in 173 countries, including regions like Australia, Canada, Hong Kong, the United Arab Emirates, India, and more.
In addition to this development, Alchemy Pay recently became a compliant service provider within Mastercard’s Site Data Protection program in June 2023 and was previously listed as an official service provider by Visa in January 2023.
This expansion and acquisition of licenses reflect the company’s continued efforts to make its services more accessible and compliant within the cryptocurrency and financial industry.