Hybrid crypto-fiat platform Alchemy Pay plans to launch a crypto-linked virtual card on the Visa and Mastercard payments networks.
According to the firm, the new cards will be connected to Google Pay and PayPal digital wallets. As a result, users can make payments across the Mastercard and Visa networks and popular e-commerce platforms such as Amazon and eBay.
Alchemy Pay said it has already completed the development and launched beta testing in multiple key markets. In addition, the company noted it expects to launch the new product at the end of 2021 or early 2022.
This project comes amid the surge in demand for crypto-related card transactions. Moreover, Alchemy Pay said this initiative allows crypto businesses to offer a full range of services and help traditional institutions integrate crypto-related solutions.
Last week, Alchemy Pay partnered with Binance, the world’s largest cryptocurrency exchange by trading volumes. The partnership with Alchemy Pay will let Binance unlock crypto payments for Alchemy Pay’s partners in 18 countries. It includes e-commerce giant Shopify, software tech company Arcadier, and others. Further, the firm said that the new feature would be available through Binance’s payments application Binance Pay.