Alchemy Pay has gained licenses across four U.S. states, adding to its licenses previously secured in four other states.
Crypto payment solution Alchemy Pay announced on November 8 that it received Money Transmitting Licenses (MTLs) in four U.S. states, with which it will expand its operations into these new jurisdictions. It previously held licenses from four other states, taking the total count to eight.
The new states it will expand to are Minnesota, Oklahoma, Oregon, and Wyoming. It has so far held MTLs in Arkansas, Iowa, New Hampshire, and New Mexico. “With these 4 new licenses, Alchemy Pay can now expand its secure and regulated crypto services to residents and businesses across these states, enhancing accessibility for users looking to seamlessly transact between fiat and cryptocurrencies via its on and off-ramp service,” a press release issued by the firm stated.
“Securing MTL licenses in Minnesota, Oklahoma, Oregon, and Wyoming strengthens our foothold in the U.S. market, where the crypto economy is poised for tremendous potential,” mentioned Alchemy’s Chief Revenue Officer Romeo Luo. “We’re proud to be setting high standards in the evolving Web3 landscape, especially in the U.S., a market with vast opportunities for growth.”
Alchemy Pay specializes in crypto on- and off-ramp services, providing the technology and infrastructure for seamlessly exchanging crypto and the U.S. dollar. It also offers virtual and physical debit cards that allow users to pay for goods and services with crypto to a network of merchants.
Alchemy Pay Expansion May Have Come at the Right Time
These licenses come at a time when crypto finds great political goodwill with Donald Trump being elected as the 47th U.S. president and the Republicans forming a majority of the Senate. Trump and numerous Republican lawmakers have repeatedly expressed their interest in ensuring innovation in the industry is fostered and not stifled.
This will help businesses like Alchemy Pay grow alongside favorable regulations to new heights beyond the vast network it has already built. The firm processes millions in transaction volumes yearly and is partnered with payment giants Visa and Mastercard as an official third-party service provider.
It is also a registered entity in Canada and actively pursuing licensing in numerous jurisdictions, such as Hong Kong, Australia, South Korea, Singapore, and Europe. Alchemy Pay is working on gaining licenses in at least 20 jurisdictions globally.
“The acquisition of these MTLs underscores Alchemy Pay’s commitment to a secure, accessible, trustworthy and scalable crypto payment ecosystem that thrives in both the U.S. and the global market,” the firm said.
