Alchemy Pay launches virtual encryption cards supporting Visa and Mastercard

Hybrid encrypted fiat currency platform Alchemy Pay Announce On Monday, the company will launch a virtual encrypted link card that accepts more than 40 cryptocurrencies, such as Bitcoin (Bitcoin).

The new card can be connected to Google Pay and PayPal digital wallets, and payments can be made through the Mastercard and Visa networks, as well as popular e-commerce platforms such as Amazon and eBay.

According to the announcement, Alchemy Pay has completed product development and launched Beta testing in multiple key markets. The company expects to fully launch new products at the end of 2021 or early 2022.

Alchemy Pay said that this new initiative is to respond to the growing demand for encryption-related card transactions, allowing encryption companies to provide a full range of services, and helping traditional institutions integrate encryption-related solutions. As previously reported, More than 1 billion U.S. dollars processed in visa alone Total crypto spending in the first half of 2021.

Alchemy Pay did not immediately respond to Cointelegraph’s request for comment.

related: Mastercard CEO says we must enter the crypto space

News came soon after Alchemy Pay partnered with Binance last week, The world’s largest cryptocurrency exchange based on trading volume. As part of the integration with Alchemy Pay, Binance will unlock encrypted payments among Alchemy Pay partner merchants in 18 countries, including e-commerce giant Shopify, software technology company Arcadier, and mobile payment provider QFPay. The new features will be provided through Binance’s payment application Binance Pay.

As previously reported by Cointelegraph, Visa and Mastercard have both actively entered the cryptocurrency industry in the past year.

Rear Announcing payment compatibility For Circle’s stable currency USD Coin (USDT) At the end of 2020, Visa has Reiterate its commitment to cryptocurrency Payments and statutory portals outline the special focus on stablecoin-based integration.Mastercard has Build partnership Cooperating with Circle and blockchain company Paxos to enable banks and crypto companies to launch crypto cards on a global scale.