The cryptocurrency payment gateway Alchemy Pay is making strides in its global expansion strategy following the acquisition of a major payment license in the United States.

Inaugural U.S. Money Transmitter License for Alchemy Pay

The company has successfully secured a money transmitter license in the state of Arkansas, as announced by Alchemy Pay on September 20.

This license, granted by the Arkansas Securities Department, authorizes Alchemy Pay to offer a range of financial services, including the sale or issuance of payment instruments, stored value, and prepaid access, as well as the receipt of money, digital currency, or monetary value for transmission.

The spokesperson for Alchemy Pay noted that this Arkansas license, issued on September 13, is a historic milestone as it marks the company's "very first" money transmitter license in the United States.

By obtaining the money transmitter license, Alchemy Pay joins the ranks of several other cryptocurrency firms authorized to facilitate crypto-to-fiat transactions in Arkansas. These firms include well-known names, such as Coinbase, Block (founded by Jack Dorsey), MoonPay, the bitFlyer exchange, and others.

This licensing achievement represents a significant step in Alchemy Pay's ongoing efforts to secure regulatory approvals in crucial global markets. The company has also obtained licenses in other operating markets, such as Indonesia and Lithuania.

“With a strong dedication to compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, our team had invested substantial time and effort into securing licenses across various countries and regions,” Alchemy Pay’s ecosystem lead Robert McCraken said, adding: “The company now prepares to expand its presence, aims to expand its services to users in the United States, and further contribute to our mission, bridging the fiat and crypto global economies.”

Alchemy Pay Crypto-to-Fiat Payment Platform

Founded in Singapore in 2018, Alchemy Pay operates a crypto-to-fiat payment platform that enables seamless transactions between fiat currencies like the U.S. dollar or euro and popular cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, such as Bitcoin and Ether.

The platform is currently available in 173 countries, including regions like Australia, Canada, Hong Kong, the United Arab Emirates, India, and more.

This development comes on the heels of Alchemy Pay's inclusion as one of the compliant service providers within Mastercard's Site Data Protection program in June 2023. Prior to that, Alchemy Pay received official recognition as a service provider by Visa in January 2023.

With its expanding regulatory approvals and strategic partnerships with major payment giants, Alchemy Pay is well-positioned to further strengthen its presence in the global cryptocurrency payment landscape, offering enhanced accessibility and convenience to users seeking to transact between traditional and digital currencies.