Alchemy Pay (ACH), a leading provider of fiat and cryptocurrency payment solutions, has announced a partnership with Paytend, a digital bank based in Europe. Client crypto services provided by Alchemy Pay, such as exchanges and investment platforms, will now allow users to pay directly in euros using credit and debit cards, eliminating the need for costly back-end conversion to US dollars.
Most crypto service providers currently only accept US dollars, and users paying in euros incur hidden foreign exchange fees when the euros-to-dollars conversions occur. The enhanced service from Alchemy Pay reduces forex friction for both businesses and consumers in Europe a strategic offering that will help the company expand its global reach in the crypto payments industry.
“Europe is a key region for crypto at this point, and leveraging Paytend’s licensed payment channels gives us an advantage in the market,” said John Tan, CEO of Alchemy Pay. We are now offering the most competitive prices to our commercial partners in Europe and their users, and our network has more coverage than ever.”
Europe has the world’s largest cryptocurrency economy, with over $1 trillion in transactions. According to a Chainalysis report from October of last year, Europe has risen to the top of the world in terms of crypto activity. Last year, the continent’s $1 trillion in cryptocurrency activity represented roughly a quarter of all global activity.
The flagship product of Alchemy Pay is its hybrid crypto-fiat payment system, which enables merchant partners to accept popular cryptocurrencies in offline and online payments at a low cost and with near-instant conversion to the merchant’s local fiat currency. It recently expanded its services with the crypto exchange MEXC and collaborated with leading blockchain networks such as Polygon Network, Avalanche, Algorand, and NEAR to drive crypto payment use cases.
Paytend, which has a European Union EMI licence and a technical framework that meets regulatory requirements, offers innovative digital banking services to European and international users all over the world. Paytend is well-positioned to provide comprehensive financial services while adhering to the European Central Bank’s unified regulation to ensure the safety of funds. Paytend Europe has an extensive reach across Europe and provides low-cost and efficient digital banking services for clients with needs for cross-border remittances, card issuance and acquisition by leveraging its extensive settlement network in Europe and international markets.
Concerning Alchemy Pay
Alchemy Pay (ACH), founded in Singapore in 2018, is a payment solutions provider that connects fiat and crypto economies for global consumers, merchants, developers, and institutions. It enables online and offline merchants to accept both fiat and cryptocurrency, enables simple onboarding to blockchain ecosystems, and makes DeFi services widely available. Alchemy Pay is now supported in over 70 countries with 300 payment channels and has touchpoints with over 2 million merchants thanks to partnerships with industry leaders such as Binance, Shopify, NIUM, and QFPay. The Alchemy Pay token, ACH, is a top 250 cryptocurrency by market capitalization and runs on the Ethereum blockchain.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
