Alchemy is planning to bring out a crypto-linked virtual card that will be accepted on the Visa and Mastercard network. Alchemy is a crypto payment firm that tries to make crypto to fiat currency conversion easy. On Monday, they announced that the company will be launching virtual crypto-linked cards that accepting more than 40 cryptocurrencies including Bitcoin.
The new cards can also be linked to Google pay and PayPal digital wallets, and payment will work across the Mastercard and Visa networks. You can also use the card on popular eCommerce websites like Amazon and eBay.
According to the announcement, Alchemy pay has already completed the products development and launched Beta testing in multiple key markets. The company is expected to fully launch the new product by the end of 2021 or early 2022.
The new initiative is launched in response to the ever-growing demand for crypto-linked card transactions. This will allow crypto business owners 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 has processed and completed over $1 billion in total crypto spendings in the first half of 2021.
Just last week Alchemy Pay and Binance partnered to open up crypto payments across merchants of Alchemy Pay in 18 countries. The partnerships allow users of Binance pay to pay for services using their crypto savings. Shopify, Arcadier, and QFPay are some of the merchants that will benefit directly from the partnership. The new feature is going to be available Binance payment application Binance Pay.
Both Visa and Mastercard have reaffirmed their commitment to integrating crypto transactions into their network over the last few months. Mastercard has partnered with Circle and Paxos to enable banks and crypto companies to roll out crypto cards globally. Visa has also outlined a roadmap for the integration of stable coins into their network.