Alchemy Pay Secures Money Services License in Iowa and Expands Its Nationwide Licensing Efforts in the USA

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Nov 23, 2023, 09:25 ET

SINGAPORE, Nov. 23, 2023 /PRNewswire/ -- Alchemy Pay, the leading fiat-crypto payment gateway, proudly announced the successful attainment of its Money Services License in the United States, specifically in the State of Iowa. Prior to this in September, it had just acquired a Money Transmitter License (MTL) in the state of Arkansas. The achievement of this license for the second time underscores Alchemy Pay's capabilities and represents a significant stride in its global market expansion efforts.

The Division of Banking, State of Iowa, is the regulatory authority responsible for issuing this license. The recently obtained license is now officially recorded in the Nationwide Multistate Licensing System (NMLS). To verify its standing, individuals can conduct a search using either the company name "Alchemy Pay Inc." or the NMLS ID "2449570" According to the regulations, any entity or individual engaged in currency exchange or money transmission business in Iowa is mandated to possess this license.

In recent months, the Alchemy Pay team has seen success in securing compliant licenses, a development that strengthens its position in both the U.S. and international markets. Alchemy Pay's acquisition of these licenses places it alongside established players like Coinbase, Elon Musk's X, and MoonPay. The continuous pursuit of global compliance licenses has been a strategic focus for Alchemy Pay, serving as a crucial foundation for fortifying its payment capabilities. Moreover, Alchemy Pay has already completed the application process for MTL licenses in additional U.S. states, with outcomes anticipated in the coming months.

The Money Transmitter License stands as a crucial credential for any enterprise engaged in payment operations within the United States. It plays a pivotal role in ensuring the security and reliability of the payment system, offering essential safeguards to both consumers and businesses involved in sending or receiving payments. The application process for this license demands a substantial investment of time and resources from qualified professionals, and only companies demonstrating competitive strength and credibility will be granted authorization.

As a prominent crypto payment company, Alchemy Pay boasts a team of seasoned experts with extensive experience in the payment and fintech industries. Emphasizing a strong commitment to compliance, the team consistently amplifies its investment in this area to enhance the provision of secure payment services worldwide. Ecosystem Lead Robert McCracken affirmed, "The acquisition of our second Money Services License in the United States underlines Alchemy Pay's global payment capabilities, and our dedication to compliance. We continue to obtain licenses in countries and regions around the globe, improving our user's experience, and strengthening our network coverage."

Alchemy Pay has now successfully achieved licensing achievements in the United States, Lithuania, Indonesia, and Canada, spanning across four continents. This accomplishment proves the robustness of the globalized team and solidifies its standing in the crypto payment sector. Notably, Alchemy Pay's credibility extends into the traditional payment sector, as both Visa and Mastercard have recognized it as an authorized third-party service provider. Through dedicated efforts, Alchemy Pay is actively advancing its license applications in the UK and Hong Kong.

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 On & Off Ramp solution, NFT Checkout, Crypto Card and Crypto Payments, 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 NFT Checkout enables direct purchases of NFTs using fiat payment methods. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. ACH is the Alchemy Pay network token on the Ethereum blockchain.

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SOURCE Alchemy Pay