Hybrid crypto-fiat platform Alchemy Pay announced Monday that the company is planning to launch a virtual crypto-linked card, accepting more than 40 cryptocurrencies like Bitcoin. The crypto card can be linked to Google Pay and PayPal digital wallets and make payments across the Mastercard and Visa networks and popular e-commerce platforms like Amazon and eBay. Bitcoin and other cryptocurrencies have gained a lot of mainstream exposure this year.
Alchemy Pay has already launched beta testing in multiple key markets.
According to the company’s announcement, Alchemy Pay has already completed the product’s development and launched beta testing in multiple key markets. The crypto firm expects to proceed with a full roll-out of the new product by the end of this year. The new initiative is launched in response to a growing demand for crypto-linked card transactions, allowing crypto businesses to offer a full range of services as well as to help traditional institutions integrate crypto-related solutions, Alchemy Pay said. As previously reported, Visa alone processed over $1 billion in total crypto spending in the first half of 2021.
Alchemy Pay last week partnered with Binance.
The news comes after Alchemy Pay last week partnered with Binance. As part of the integration, the crypto exchange giant will unlock crypto payments across merchants of Alchemy Pay’s partners in 18 countries, including e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay, and others. The new feature would be available through Binance’s payments application Binance Pay. After announcing payment compatibility for Circle’s stablecoin USD Coin in late 2020, Visa has reaffirmed its commitment to crypto payments and fiat on-ramps, outlining a particular focus on stablecoin-based integrations.