Alchemy Pay is planning to launch a crypto-linked virtual card that is accepted on the Visa and Mastercard payments networks, the card will accept Bitcoin and other cryptocurrencies.
Alchemy Pay, a hybrid crypto-fiat platform, revealed on Monday that it will create virtual crypto-linked cards that will accept more than 40 cryptocurrencies, including Bitcoin (BTC).
The new cards can be linked to Google Pay and PayPal digital wallets, and they can be used to make purchases on the Mastercard and Visa networks, as well as popular e-commerce sites like Amazon and eBay.
Alchemy Pay has completed product development and begun beta testing in a number of significant markets, according to the statement. The company plans to launch the new product in its entirety by the end of 2021 or early 2022.
According to Alchemy Pay, the new project is being launched in response to increased demand for crypto-linked card transactions, allowing crypto enterprises to offer a full range of services while also assisting traditional banks in integrating crypto-related solutions.
Visa alone processed over $1 billion in total crypto expenditures in the first half of 2021, as previously reported.
The announcement comes after Alchemy Pay collaborated with Binance, the world’s largest cryptocurrency exchange by trading volume, just a few weeks ago.
Binance will open crypto payments among merchants of Alchemy Pay’s partners in 18 countries, including e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay, and others, as part of the Alchemy Pay integration. Binance Pay, Binance’s payment app, will be able to access the new feature.
Visa and Mastercard have been aggressively advancing into the bitcoin business over the last year, as Cointelegraph has reported.
Visa has reinforced its commitment to crypto payments and fiat on-ramps, highlighting a specific focus on stablecoin-based integrations, after announcing payment compatibility with Circle’s stablecoin USD Coin (USDT) in late 2020.
Mastercard has partnered with Circle and Paxos, a blockchain business, to enable banks and crypto enterprises to launch crypto cards around the world.