Alchemy Pay Boosts Global Expansion with Arkansas Money Transmitter License
Summary:
Alchemy Pay, a cryptocurrency payment gateway, expands its global reach by obtaining a Money Transmitter License in Arkansas, enabling the firm to offer services like selling or issuing payment instruments and receiving virtual currency. The company has now joined other authorized cryptocurrency enterprises in Arkansas and is further seeking to secure licenses across several US states. Alchemy Pay, founded in Singapore in 2018, allows transactions between fiat currencies and cryptocurrencies. The platform currently supports payments in 173 countries worldwide.
Alchemy Pay, the cryptocurrency payment gateway, increases its global footprint by acquiring a major payment license within the United States. The firm landed a Money Transmitter License in Arkansas, as stated on Sept. 20 to Cointelegraph. Endorsed by the Arkansas Securities Department, the license empowers Alchemy Pay to deploy services such as selling or dispensing payment resources, stored funds, and prepaid access. In addition, it allows the firm to collect money, virtual currencies, or monetary value for transmission.
Receiving the Money Transmitter License places Alchemy Pay among several crypto-oriented enterprises authorized to offer crypto-fiat transactions in Arkansas. The likes of Coinbase, Block headed by Jack Dorsey, MoonPay, and the bitFlyer exchange are among these. The licensure denotes a substantial development in Alchemy Pay's pursuit of locally required approvals in critical global markets.
The firm has also previously bagged licenses in the markets it serves, such as Indonesia and Lithuania. Alchemy Pay is now making strides towards acquiring Money Transmitter Licenses in other US states as announced.
Robert McCraken, Alchemy Pay's ecosystem lead indicated their team's strong adherence to compliance while stating the extensive effort put in to secure licenses across multiple nations and regions. On that note, McCraken added that the company is now planning to broaden its presence while extending its services to American users. Thereby, further contributing to their mission to bridge the global fiat-crypto economy.
Born in Singapore in 2018, Alchemy Pay is responsible for a crypto-fiat payment platform that enables transactions betwixt fiat currencies like the U.S. dollar or euro, and cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). The platform, as per Alchemy Pay's website, facilitates payments in 173 nations, including Australia, Canada, Hong Kong, the United Arab Emirates, India and more.
This news follows Alchemy Pay's recent inclusion within the Site Data Protection program by global payment colossus Mastercard in June 2023. Earlier, in January 2023, Alchemy Pay was formally recognized as an official service provider by Visa.
Published At
9/21/2023 8:47:47 AM
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