Cryptocurrency payment firm Alchemy Pay receives money transmitter license in Arkansas

Cryptocurrency payment firm Alchemy Pay receives money transmitter license in Arkansas

The crypto firm will be able to transact in crypto, including offering prepaid cards

Cryptocurrency payment gateway Alchemy Pay announced to Cointelegraph on September 20 that it’s extending its global presence after securing a Money Transmitter License in Arkansas. Alchemy Pay said through a spokesperson that the license issued on September 13 is the “very first” Money Transmitter License received by the firm in the US.

The license granted by the Arkansas Securities Department officially permits Alchemy Pay to operate services like stored value and prepaid access, payment instruments and receiving monetary value or digital currency for transmission.

Alchemy Pay is now among the various cryptocurrency firms in Arkansas that provide crypto-to-fiat transactions, including Coinbase, MoonPay, bitFlyer, Jack Dorsey’s Block and several others.

The Arkansas license is a major milestone for Alchemy Pay in its effort to secure regulatory approval in critical global markets. The company also holds operating licenses in markets like Lithuania and Indonesia and is currently seeking licenses in other US states.

“With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions,” said Alchemy Pay’s ecosystem lead, Robert McCracken, who added, “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 was founded in Singapore in 2018 and operates a crypto-to-fiat payment platform allowing US dollar or euro transactions between cryptocurrencies like Bitcoin and Ethereum. It currently supports payments in 173 countries, including Australia, Canada, Hong Kong, India and the United Arab Emirates.

The announcement comes shortly after MasterCard’s Site Data Protection program selected Alchemy Pay as one of its compliant service providers in June 2023. Alchemy Pay ​​has been an official service provider for Visa since January 2023.

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