<p>In a stride towards global expansion Alchemy Pay, the cryptocurrency payment gateway based in Singapore, has secured its inaugural Money Transmitter License in the United States.</p><h2 id="header-0">Arkansas license</h2><p>The license,<a href="https://nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2449570" rel="noopener noreferrer nofollow"> issued</a> by the Arkansas Securities Department on September 13, enables Alchemy Pay to provide a comprehensive suite of financial services, including crypto-to-fiat transactions, within the state of Arkansas. The license was issued to Alchemy Pay, Inc., the crypto payments firm’s US entity which was first registered as a corporation in the US in October of last year.</p><p>This milestone represents Alchemy Pay’s inaugural foray into the US market and demonstrates the company’s intent in terms of regulatory adherence. The Singapore-based firm now joins the ranks of authorized cryptocurrency enterprises operating in Arkansas, including industry giants like Coinbase, Jack Dorsey’s Block, MoonPay, and the bitFlyer exchange.</p><h2 id="header-1">Global expansion</h2><p>In a<a href="https://alchemypay.org/news-and-press/alchemy-pay-has-secured-money-transmitter-license-in-arkansas" rel="noopener noreferrer nofollow"> press release</a> published to the firm’s website on Thursday, Robert McCraken, Alchemy Pay’s Ecosystem Lead, underscored the meticulous efforts invested in securing licenses across diverse global jurisdictions, emphasizing the company’s unwavering dedication to compliance.</p><p>It’s evident that the company is pursuing a strategy to globalize its market offering. Alchemy Pay has previously obtained operating licenses in strategic markets such as Indonesia and Lithuania, while it is making ongoing efforts to secure Money Transmitter Licenses in additional US states.</p><p>In April it<a href="https://medium.com/&#64;coinness.gl/alchemy-pay-gearing-up-for-expansion-into-south-korea-c7a8c589cbf6" rel="noopener noreferrer nofollow"> secured</a> $10 million in funding from Singapore’s DWF Labs, with the intention of using the capital to expand its business in South Korea. The following month it<a href="https://medium.com/&#64;coinness.gl/alchemy-pay-enables-rupee-payments-through-upi-f7221f334f27" rel="noopener noreferrer nofollow"> enabled</a> a rupee-denominated on-ramp using India’s UPI real-time payments system. In July it <a href="https://medium.com/&#64;coinness.gl/checkout-com-partnership-sees-alchemy-pay-extend-global-reach-8605a1a34a9f" rel="noopener noreferrer nofollow">announced</a> a collaboration with Checkout.com, enabling transactions between fiat currency and cryptocurrency over Checkout.com’s Visa and Mastercard channels.</p><p>Since its establishment in 2017, Alchemy Pay has continuously worked on its mission of bridging the gap between fiat and cryptocurrency economies. The platform currently facilitates seamless transactions between traditional fiat currencies like the US dollar and leading cryptocurrencies such as Bitcoin and Ethereum. It boasts a presence in 173 countries, including Australia, Canada, Hong Kong, the United Arab Emirates (UAE), and India. The Singapore-based payments gateway has emerged as a key player in the global digital payment landscape.</p><h2 id="header-2">Cracking the US market</h2><p>This milestone in Arkansas aligns with Alchemy Pay’s broader strategy to penetrate the vast US market, delivering its services to American users and furthering its mission to harmonize fiat and cryptocurrency payments. The development closely follows Alchemy Pay’s recent strategic collaborations with global payment titans Mastercard and Visa, cementing its status as an influential contributor to the rapidly evolving digital payment sector.</p><p>According to an<a href="https://alchemypay.org/news-and-press/alchemy-pay-enriched-roadmap-for-q3-q4-2023" rel="noopener noreferrer nofollow"> updated version</a> of its roadmap published in August, the company also plans to offer a digital banking service before the end of the year. That offering would enable users to open bank accounts directly through the Alchemy Pay platform once collaborations are firmly in place with EU and UK banks.</p><p>The acquisition of the Money Transmitter License in Arkansas signifies a pivotal moment in Alchemy Pay’s ambitious US expansion agenda. It’s likely to be a crucial stepping stone for the firm in positioning itself as a prominent catalyst in the seamless integration of cryptocurrencies into mainstream financial systems. This achievement not only propels Alchemy Pay’s global presence but also reinforces its efforts to ensure safe, compliant, and accessible cryptocurrency-based financial services.</p>

Alchemy Pay Scores First US Money Transmitter License

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