Paysafe is collaborating with Alchemy Pay, a fiat-crypto payment solution provider, to provide consumers with a range of payment methods for purchasing cryptocurrencies. According to the announcement today (Thursday), this step aims to facilitate and make crypto transactions accessible.

Expanding Payment Options

In the initial phase of the partnership, Alchemy Pay will integrate Paysafe to strengthen its services for crypto exchanges, Web3 companies, and other crypto businesses. This integration enables Alchemy Pay's users to access Paysafe's digital wallets, Skrill and Neteller. It also reportedly provides various local payment methods on a single integration.

According to the company, this offering targets users across 130 countries with over 40 fiat currencies to purchase Bitcoin, Ethereum, and other cryptocurrencies via Alchemy Pay's Fiat On-ramp product. Alchemy Pay will now utilize Paysafe's open banking solution in the UK and 15 European countries to enable customers to buy crypto directly from their bank accounts.

Just announced! 🚀 Our partnership with @AlchemyPay will offer them access to our extensive suite of payment products for consumers to use their fiat funds to purchase #crypto across 130 markets. https://t.co/i74IlXHxWh#ItStartsHere #PaymentExperience #Fintech #DigitalWallets pic.twitter.com/Xywj9rDrZm

— Paysafe (@Paysafe) July 25, 2024

Alchemy Pay's Fiat On-ramp product is planning to offer even more options, incorporating LPMs with high brand recognition in specific European markets. These additions, combined with Skrill and NETELLER's global user base, seek to reduce transaction abandonment and payment friction.

Future Expansion Plans

Looking ahead, the second phase of the partnership, which is expected to roll out later this year, will see Alchemy Pay integrating more Paysafe payment options in additional markets, including Latin America. This expansion aims to further streamline fiat-crypto transactions and bring the benefits of crypto to a larger global audience.

Meanwhile, Paysafe released its first-quarter earnings in May, highlighting a strong financial performance and growth across key business segments. The company posted an 8% YoY boost in revenue at $417.7 million, which expanded 7% on a constant currency basis.

Additionally, Paysafe's adjusted EBITDA for the period was $111.9 million, a 4% boost from the previous year. The firm also posted a net income of $3.1 million, a substantial expansion from a net loss of $3.8 million in the same period of the previous year.

Last year, Paysafe extended its partnership with Visa. This collaboration sought to integrate Visa network tokens, providing an alternative to the traditional credit and debit card account numbers.