In a press release published on 9 August, Alchemy Pay announced the launch of its new Virtual Crypto-Linked Cards. The virtual cards will support over 40 different cryptocurrencies and will be accepted across millions of merchants on the MasterCard and Visa networks. Users will be able to link the virtual cards to digital wallets such as Google Pay and PayPal and use them on popular e-commerce platforms such as Amazon and eBay.
According to the company’s press release, over $1 billion worth of crypto-linked card transactions has been processed this year, with the number expected to grow rapidly in the following months. In an effort to drive more adoption, Alchemy Pay said it will offer virtual card services as a full suite white-label service to companies looking to integrate crypto-related payment solutions.
The development of the company’s virtual card services has been completed and is currently undergoing beta testing in several “key markets.” While the company hasn’t revealed where the cards were being tested nor the scope of the test, it expects the service to be fully launched at the end of 2021 or the beginning of 2022.