Alchemy Pay, a hybrid crypto-fiat platform, announced on Monday that it will launch virtual crypto-linked cards accepting more than 40 cryptocurrencies such as Bitcoin (BTC).
The new cards can be linked to Google Pay and PayPal digital wallets, and they can be used to make payments across the Mastercard and Visa networks, as well as popular e-commerce platforms such as Amazon and eBay.
According to the announcement, Alchemy Pay has already finished product development and begun beta testing in a number of key markets. The company anticipates that the new product will be fully rolled out by the end of 2021 or early 2022.
According to Alchemy Pay, the new initiative is being launched in response to the growing demand for crypto-linked card transactions, allowing crypto businesses to offer a full range of services as well as assisting traditional 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 shortly after Alchemy Pay announced a partnership with Binance, the world’s largest cryptocurrency exchange by trading volume, last week. Binance will enable 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, as part of the integration with Alchemy Pay. The new feature would be accessible via Binance Pay, the company’s payment app.
Visa and Mastercard, as previously reported, have been aggressively moving into the cryptocurrency industry over the last year.
Visa has reaffirmed its commitment to crypto payments and fiat on-ramps, outlining a particular focus on stablecoin-based integrations, after announcing payment compatibility for Circle’s stablecoin USD Coin (USDT) in late 2020. Mastercard has formed alliances with Circle and blockchain firm Paxos to enable banks and cryptocurrency companies to launch crypto cards globally.