Alchemy Pay, a cryptocurrency payment company, is planning to launch a cryptocurrency-linked virtual card that will be accepted on the Visa and Mastercard payment networks.
Alchemy Pay, a hybrid crypto-fiat platform, announced Monday that it would launch virtual crypto-linked cards accepting more than 40 cryptocurrencies, including Bitcoin (BTC). The new cards can be used in conjunction with Google Pay and PayPal to make payments across the Mastercard and Visa networks, as well as popular e-commerce platforms such as Amazon and eBay.
Alchemy Pay has already completed product development and begun beta testing in a number of key markets, according to the announcement. The company anticipates beginning a full rollout of the new product in late 2021 or early 2022.
Alchemy Pay said the new initiative was launched in response to a growing demand for crypto-linked card transactions, enabling crypto businesses to offer a full range of services and assisting traditional financial institutions in integrating crypto-related solutions. Visa alone processed over $1 billion in total crypto spending in the first half of 2021, as previously reported.
The announcement comes on the heels of Alchemy Pay’s partnership with Binance, the world’s largest cryptocurrency exchange by trading volume, last week. Binance’s integration with Alchemy Pay enables crypto payments across Alchemy Pay’s partner merchants in 18 countries, including e-commerce giant Shopify, software technology company Arcadier, and mobile payment provider QFPay. The new feature will be accessible via Binance Pay, the company’s payment application.
Visa and Mastercard, as previously reported by Cointelegraph, have been aggressively expanding their presence in the cryptocurrency industry over the last year. Visa has reaffirmed its commitment to crypto payments and fiat on-ramps, highlighting a particular emphasis on stablecoin-based integrations, following its announcement of payment compatibility for Circle’s stablecoin USD Coin (USDC) in late 2020. Mastercard has partnered with Circle and blockchain startup Paxos to enable banks and cryptocurrency companies to globally roll out crypto cards.
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