Alchemy Pay will roll out crypto cards thanks to the new partnership with Visa and Mastercard as we are reading more in today’s crypto news.
Hybrid crypto platform Alchemy Pay will roll out the new crypto cards according to the announcement on Monday saying that the company will be launching the virtual crypto linked cards accepting more than 40 cryptocurrencies such as BTC. The new cards can be linked to PayPal and Google Pay digital wallets and make payments across the Mastercard and Visa networks as well as Amazon and eBay. As per the announcement, Alchemy Pay already completed the product’s development and launched beta testing on the key markets . the company expects to proceed with the full rollout with the new product at the end of 2021 or early 2022.
The new initiative is launched in response to the growing demand for crypto-linked card transactions allowing crypto businesses to start offering a whole range of services as well as to help traditional institutions integrate the new solutions. Visa alone processed more than $1 billion in total crypto spending in the first half of 2021. The news came shortly after Alchemy Pay partnered with Binance as the world’s biggest crypto exchange by trading volumes. As part of the integration with Alchemy Pay as Binance will unlock crypto payments on merchants of Alchemy Pay partners in 18 countries including e-commerce giant Shopify, software technology company Arcadier which is a mobile payment provider QFPay, and others. The new feature will be available via Binance’s payments application Binance Pay.
Both Mastercard and Visa have been moving into the crypto industry over the past year. After announcing the payment compatibility for Circle’s stablecoin USD coin in late 2020, Visa reaffirmed the commitment to crypto payments and fiat on-ramps outline another focus on stablecoin-based integrations. Mastercard entered a partnership with Circle and Paxos to enable banks and crypto companies to roll out the crypto cards globally.
As recently reported, In a bid to equip decentralized application developers with the needed tools for maximum production, ethereum blockchain developer Alchemy partnered with MATIC to boost its network capabilities. The company made the announcement and stated that the move will supercharge the development of the Ethereum and Polygon network.
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