Alchemy Pay plan to launch crypto virtual cards

Crypto payment company Alchemy Pay is planning to roll out a crypto-linked virtual card that is accepted on the Visa and Mastercard payments networks.

Alchemy Pay plan to launch crypto virtual cards

Hybrid crypto-fiat platform Alchemy Pay announced Today that Alchemy plans to launch virtual crypto-linked cards accepting more than 40 cryptocurrencies like Bitcoin (BTC).

The new cards make payment in Mastercard and visa cards as well as giant e-commerce platforms Amazon and eBay. These virtual cards are linked with Google Pay and PayPal.

As per reports, the firm has done their card development and launched beta testing in various key market platforms. The company expects to proceed with a full roll-out of the new products at the end of 2021 or early 2022.

The firm launched the crypto virtual card in response to growing demand for crypto-linked card transactions. Enabling the crypto business to offer a full range of services as well as to help local businesses to integrate crypto-related solutions, The firm said. As we saw in previous news, Visa alone processed over $1 billion in total crypto spending in the first half of this year.

The news comes after Alchemy Pay last week partnered with Binance, the world’s largest cryptocurrency exchange by trading volumes. After announcing payment compatibility for Circle’s stablecoin USD Coin (USDT) in late 2020, Visa has reaffirmed its commitment to crypto payments and fiat on-ramps, outlining a particular focus on stablecoin-based integrations. 

Mastercard has entered partnerships with Circle and blockchain firm Paxos to enable banks and crypto companies to roll out crypto cards globally.

Read: Unchanged crypto tax bill will be put to a vote on Tuesday