The virtual cards, which are supposed to be launched by the end of 2021, will be accepted across millions of merchants on the Visa and Mastercard networks, in more than 200 countries and territories.
Virtual Cards To Bridge Fiat-Crypto Gap
As the pioneer of the world’s first hybrid crypto-fiat gateway solution, Alchemy Pay has been known to bring the fiat and crypto economies closer. Their latest project, Virtual Crypto-Linked Cards or simply Virtual Cards, is another tool to rev up the acceptance of cryptocurrencies as a mode of payment. These cards will be Visa and Mastercard compliant, acceptable on eCommerce platforms like Amazon and eBay, and linked to digital wallets like Google Pay and PayPal. This recent development has shot up the value of the Alchemy Pay token (ACH) by a whopping 50%, making it the fifth-highest gainer in the last 24 hours.
Service To Be Available Across All Institutions
According to research, crypto-linked card transactions are a burgeoning $1bn+ market. With the virtual card development completed, the project is undergoing beta testing in multiple key markets. The service will be fully launched by the end of 2021 or latest by early 2022.
Alchemy Pay already powers seamless crypto and fiat acceptance for merchant networks, developers, and financial institutions and enables easy adoption of blockchain technology by making crypto investment and DeFi services readily accessible to consumers and institutions in the fiat economy. The Virtual Card service will be available as a full suite to both crypto projects and businesses as well as traditional institutions planning to take a more crypto-oriented route in their processes.
Alchemy Pay Integrates MEXC
Alchemy Pay also recently hit the headlines on partnering up with the crypto exchange MEXC Global to bridge the crypto-fiat gap further and provide upgraded payment flexibility to more than six million users. Thanks to the integration, now users can use their credit and debit cards to deposit fiat currencies directly onto the MEXC Global exchange. Plus, MEXC’s token $MX will be a part of the payment gateway and can also be used as payment by users on the network.
John Tan, CEO of Alchemy Pay, spoke on the partnership:
“Our partnership with MEXC Global is a significant milestone in mitigating the gap between cryptocurrency and fiat to drive overall crypto adoption in the European region. This is a win-win situation. Experienced investors have an easier way to invest funds in crypto, while MEXC Global can now target crypto-curious investors with no crypto holdings.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.