Mapping Out 2024: Alchemy Pay Roadmap

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Mar 01, 2024, 09:07 ET

SINGAPORE, March 1, 2024 /PRNewswire/ -- As we embark on a new year filled with promise, which kicked off on a high note by the BTC ETF approval and features upcoming milestones like ETH's Dencun Upgrade and the quadrennial Bitcoin halving, the stage is set for remarkable achievements, and we're in for this thrilling year.

In 2024, our key priorities revolve around:

Advancing our ramp service
Enhancing the crypto card
Introducing the innovative Web3 bank account
Securing essential regulatory licenses

In the exciting journey ahead, Alchemy Pay is ready to make a lasting impact. We're steadfast in our dedication to growing payment options, investing in compliance for the future, and smoothly bringing millions into the dynamic world of cryptocurrency.

Enhanced Ramp Solution for Increased Scope

Achieving 100% Global Payment Coverage

As a leading global crypto payment service provider, our commitment extends to connecting fiat and crypto in every country that is accessible. We actively strive to expand our footprint, ensuring our services reach everyone across the globe.

With our existing coverage spanning 173 countries and regions, we are 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, we aim 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, our dedicated team is prepared to enhance payment capabilities, catering to global users, and making significant strides in onboarding the next millions of users. Our pursuit of this vision shows our commitment to providing inclusive and accessible crypto payment solutions worldwide.

Comprehensive Blockchain and Network Support

In our commitment to enhance services for business partners and enable their users to engage with Web3 projects through fiat-crypto transactions, our ramp solution will achieve universal blockchain support for ALL tokens.

Our 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, our innovative crypto card was available on the Binance Marketplace through the "Crypto Card" mini app last December. The astounding success of attracting over 500,000 users within just six months underscores the growing demand for crypto cards and the daily use of crypto for spending.

In response to this growing demand, we are set to enhance the capabilities of our crypto card. This involves full compatibility with major card networks including Visa, Mastercard, American Express, Diners Club, JCB, and Discover. Additionally, our 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 our product. Upon obtaining the anticipated UK Authorised Payment Institution (API) license, we 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 our platform. Furthermore, our 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, our aim extends beyond user-friendly ramp services. We aspire to offer banking services that match the depth of our business. Envision Alchemy Pay as a product harmonizing 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 Licenses for Enhanced Compliance and Security

In 2024, Alchemy Pay anticipates the submission and acquisition of over 20 licenses 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 our 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., we are 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 licenses we plan to apply for and obtain is as follows: the Authorised Payment Institution License (API) in the UK, the Money Transmitter License (MTL) across various states in the US, the Money Service Operator License (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 License (DPT) in Singapore.

Moreover, we are diligently seeking compliance-related applications and approvals to align with latest regulatory standards and improve our crypto payment operations. This includes applying Information Security Management Systems (MIMS) in Korea, complying with Markets in Crypto-Assets Regulation in Europe, and adhering to Financial Service Standards Association (VQF) regulations in Switzerland.

Compliance holds significant importance for us, opening up a broader spectrum of business opportunities, reducing operating costs, and ensuring enhanced security in payments for our users. Our consistent emphasis on compliance underscores Alchemy Pay's commitment to long-termism and active participation in the growth of the crypto industry.

Stay Tuned for Our Big News

Not enough for these? In a whispering voice: We are making a bold move and launching another major initiative for the new year.

Designed for fiat-crypto payments and borderless finance, it's poised to revolutionize the industry and rewrite the rules. Brace yourself for the upcoming game-changer in payments!

Concluding our roadmap for 2024, we affirm our dedication to bridging the global fiat and crypto economies. Our focus is on crafting pioneering solutions in crypto payments and pushing the limits of what is achievable. Get ready for a year of unstoppable impact and growth as we strive to bring Alchemy Pay's vision to life!

Try Now
Try our On & Off-Ramp to buy and sell crypto and local fiat currencies today
https://ramp.alchemypay.org/

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SOURCE Alchemy Pay