Alchemy Pay Expands U.S. Compliance with Four New Money Transmitter Licenses

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Nov 08, 2024, 09:00 ET

SINGAPORE, Nov. 8, 2024 /PRNewswire/ -- Alchemy Pay, a world-leading fiat-crypto payment solutions provider, is excited to announce that it has secured 4 additional U.S. Money Transmitter Licenses (MTLs) in Minnesota, Oklahoma, Oregon, and Wyoming. These new licenses bring Alchemy Pay's total to 8 U.S. state licenses, following its earlier approvals in Arkansas, Iowa, New Hampshire, and New Mexico. This accomplishment further underscores Alchemy Pay's dedication to regulatory compliance and building a trusted infrastructure in the U.S. market.

With these 4 new licenses, Alchemy Pay can now expand its secure and regulated crypto services to residents and businesses across these states, enhancing accessibility for users looking to seamlessly transact between fiat and cryptocurrencies via its on and off-ramp service. This development aligns with Alchemy Pay's dedication to setting high standards for compliant growth in Web3—a landscape now seen as especially promising under the recent pro-crypto sentiment in the U.S. market.

"Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralized crypto economy," said Romeo Luo, Chief Revenue Officer at Alchemy Pay. "Securing MTL licenses in Minnesota, Oklahoma, Oregon, and Wyoming strengthens our foothold in the U.S. market, where the crypto economy is poised for tremendous potential. We're proud to be setting high standards in the evolving Web3 landscape, especially in the U.S., a market with vast opportunities for growth."

Alchemy Pay's compliance-first approach ensures its services meet each state's regulatory framework, building a foundation of trust for its partners and users alike. Already trusted by over one million registered users globally, Alchemy Pay has processed millions in transaction volume yearly and is recognized by leading payment giants Visa and Mastercard as an authorized third-party service provider. Additionally, Alchemy Pay is registered as a Money Services Business (MSB) in Canada, further solidifying its commitment to global compliance. The company continues to pursue additional licenses across key regions, including Hong Kong, Australia, South Korea, Singapore, and Europe, with a target of securing 20 new licenses globally to further its vision of a connected, compliant crypto economy.

With its growing regulatory network, Alchemy Pay is positioned to empower Web3 projects, exchanges, and wallets across the U.S. to confidently expand their operations and drive crypto adoption. The acquisition of these MTLs underscores Alchemy Pay's commitment to a secure, accessible, trustworthy and scalable crypto payment ecosystem that thrives in both the U.S. and the global market.

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay supports payments in 173 countries.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. Additionally, our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to conveniently spend their crypto assets for everyday purchases. ACH is the Alchemy Pay network token on the Ethereum blockchain.

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SOURCE Alchemy Pay