2024 Key priorities revolve around:
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Advancing the ramp service
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Enhancing the crypto card
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Introducing the innovative Web3 bank account
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Securing essential regulatory licences
As Alchemy Pay embarks on a new year filled with promise, which kicked off on a high note with the BTC ETF approval and features upcoming milestones like ETH’s Dencun Upgrade and the quadrennial Bitcoin halving, the coming year looks very exciting.
2024 Key priorities revolve around:
- Advancing the ramp service
- Enhancing the crypto card
- Introducing the innovative Web3 bank account
- Securing essential regulatory licences
Enhanced Ramp Solution for Increased Scope
- Achieving 100% global payment coverage
As a global crypto payment service provider, Alchemy Pay’s commitment extends to connecting fiat and crypto in every country that is accessible. The company actively strives to expand its footprint, ensuring the services reach everyone across the globe.
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With existing coverage spanning 173 countries and regions, the company is now poised to embark on a greater vision in 2024: Beyond traditional global payments like credit cards, we are determined to integrate local payments as an alternative for every country where crypto usage is non-restricted. That means, the aim is to attain 100% complete coverage of local payments on a global scale, with plans to introduce 40+ new payment channels and methods to enhance our ramp service, including Revolut and N26 in the UK, Trustly in Europe, and multi-local payment methods across Asia.
Localization stands as one of Alchemy Pay’s distinct advantages. While it presents its own set of challenges, the dedicated team is prepared to enhance payment capabilities, catering to global users, and making significant strides in onboarding the next millions of users. The pursuit of this vision shows our commitment to providing inclusive and accessible crypto payment solutions worldwide.
- Comprehensive blockchain and network support
The commitment to enhance services for business partners and enable their users to engage with Web3 projects through fiat-crypto transactions, the ramp solution will achieve universal blockchain support for ALL tokens.
The aim is twofold – not only to provide users with a smooth and effortless experience in embracing cryptocurrencies but also to empower crypto entrepreneurs. This empowerment involves ensuring fair and equal access to financial capabilities within the dynamic landscape of the blockchain realm, fostering an environment of inclusivity and opportunity for all.
Upgraded Crypto Card: Popular Payment Methods, More Fiat Options
Officially launched in June 2023, Alchemy Pay’s innovative crypto card was available on the Binance Marketplace through the “Crypto Card” mini app last December. The success of attracting over 500,000 users within just six months highlights the growing demand for crypto cards and the daily use of crypto for spending.
In response to this growing demand, the company is set to enhance the capabilities of its crypto card. This involves full compatibility with major card networks including Visa, Mastercard, American Express, Diners Club, JCB, and Discover. Additionally, the crypto card will integrate with popular digital payment platforms like Apple Pay, Google Pay, and Samsung Pay, allowing users to easily add the prepaid virtual card to their wallet apps for seamless transactions with these widely used digital payment methods.
Furthermore, the virtual crypto card is set for ongoing enhancements, with upcoming updates that will broaden its support to encompass additional fiat currencies like HKD and EUR. This ensures a flexible and user-friendly experience for our customers.
Innovative Web3 Digital Bank
Alchemy Pay is collaborating with crypto-friendly banks in Europe to seamlessly integrate their account-opening capabilities into the product. Upon obtaining the anticipated UK Authorised Payment Institution (API) licence, the company will be equipped to provide various services including remittance, payment processing, and the management of payment accounts.
This integration will allow individual users to directly open personal accounts denominated in EUR and USD through Alchemy Pay’s platform. Furthermore, the innovative Web3 digital bank is geared towards Web3 companies, offering the option to open multi-currency accounts. What sets this apart is that users can easily convert between USD and EUR, multiple fiat currencies and crypto, such as EUR/USD and USDT/USDC, in real-time, making it easier to navigate between the traditional financial world and the crypto world.
As a company rooted in payment capabilities, the aim extends beyond user-friendly ramp services. Alchemy Pay aspires to offer banking services that match the depth of their business. Envision Alchemy Pay as a product harmonising on-chain wallet services with real-world bank accounts—opening the door to limitless possibilities in a future where web2 and web3 seamlessly converge!
Regulatory Licences for Enhanced Compliance and Security
In 2024, Alchemy Pay anticipates the submission and acquisition of over 20 licences globally. This strategic move is aimed at facilitating the deployment of our products and services in a compliant manner across diverse countries and regions. Additionally, it provides a more secure payment experience for both users and partners while enhancing a competitive edge and reinforcing safeguards for a payment gateway in this industry.
Apart from the already planned locations like Hong Kong, the U.S., and the U.K., the company is actively pursuing compliant certifications in additional regions such as Australia, South Korea, Singapore, and Europe, where a regulatory framework for the crypto asset market is on the horizon.
The list of licences planned to apply for and obtain is as follows: the Authorised Payment Institution License (API) in the UK, the Money Transmitter Licence (MTL) across various states in the US, the Money Service Operator Licence (MSO) in Hong Kong, the Virtual Asset Service Providers License (VASP) in Korea, the Digital Currency Exchange Providers License (DCEP) in Australia, and the Digital Payment Token Licence (DPT) in Singapore.
Moreover, Alchemy Pay is diligently seeking compliance-related applications and approvals to align with the latest regulatory standards and improve crypto payment operations. This includes applying Information Security Management Systems (MIMS) in Korea, complying with the Markets in Crypto-Assets Regulation in Europe, and adhering to Financial Service Standards Association (VQF) regulations in Switzerland.
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