Crypto payment firm Alchemy Pay is expanding its global presence by joining crypto firms like Coinbase and Jack Dorsey’s Block to secure a Money Transmitter License in Arkansas.
The license, issued by the Arkansas Securities Department, authorizes Alchemy Pay to operate services, including the sale or issuance of payment instruments, stored value, prepaid access, and the receipt of cash, digital currency, or funds for transmission.
A spokesperson for Alchemy Pay stated that the company obtained its “very first” Money Transmitter License in the United States on September 13 for Arkansas.
Alchemy Pay joins Coinbase, Jack Dorsey’s Block, MoonPay, the bitFlyer exchange, and others as cryptocurrency firms authorized to provide crypto-to-fiat transactions in Arkansas.
The license represents a significant milestone in Alchemy Pay’s endeavors to obtain local regulatory approvals in key global markets. Additionally, the company acquired licenses in operating markets such as Indonesia and Lithuania.
According to the announcement, Alchemy Pay is pursuing Money Transmitter Licenses in additional U.S. states.
Robert McCraken, the ecosystem lead for Alchemy Pay, stated, “With a strong commitment to compliance, our team invested significant time and effort in securing licenses in various countries and regions.”
“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.“
Founded in 2018 in Singapore, Alchemy Pay administers a crypto-to-fiat payment platform that enables transactions between fiat currencies such as the U.S. dollar or euro and cryptocurrencies such as Bitcoin or Ether.
When writing, the Alchemy Pay website indicates that the platform facilitates payments in 173 countries, including Australia, Canada, Hong Kong, the United Arab Emirates, and India.
The announcement comes shortly after Alchemy Pay became one of the compliant service providers within Mastercard’s Site Data Protection program in June 2023. Before January 2023, Visa explicitly listed Alchemy Pay as an official service provider.
