Alchemy Pay has secured a Money Transmitter License in the state of Arkansas, United States. With this, AlchemyPay joins a select group of crypto firms, including giants like Coinbase and Jack Dorsey’s Block, that hold this important regulatory approval.
Alchemy Pay is a payment gateway service provider that seamlessly connects crypto and global fiat currencies for businesses, developers, and end-users.
The platform aims to bridge the gap between fiat and cryptocurrency payments, providing relief for a variety of concerns such as merchant confusion, high fees, and volatility.
Alchemy Pay supports fiat-crypto purchases from 173 countries, using methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers.
The company provides its own Point of Service Terminal and Payment Infrastructure for merchants and vendors, allowing them to set up their entire payment systems around Alchemy Pay. It is built on the Ethereum network.
The Money Transmitter License, granted by the Arkansas Securities Department, endows AlchemyPay with the authority to provide a range of financial services, encompassing the sale and issuance of payment instruments, stored value offerings, prepaid access, as well as the receipt and transmission of money, digital currency, and monetary value.
This license represents a key step forward in AlchemyPay’s efforts to gain regulatory approval in essential global markets.
A spokesperson for AlchemyPay said that the Arkansas license was formally issued on September 13, marking it as the company’s “very first” Money Transmitter License in the United States.
This strategic move aligns with AlchemyPay’s broader mission of bridging the gap between traditional fiat currencies and cryptocurrencies.
Robert McCracken, AlchemyPay’s ecosystem lead, reaffirmed the company’s commitment to compliance, citing the substantial investments made in securing licenses across various countries and regions.
The news of Alchemy Pay’s successful acquisition of the Money Transmitter License in Arkansas has already generated notable interest in the cryptocurrency community, briefly driving up the price of the Alchemy Pay (ACH) token by more than 7%.
In July, X (formerly Twitter) received payment licenses from three U.S. states – Michigan, Missouri, and New Hampshire, allowing the platform to offer payment solutions to its users.
The permission granted to X is similar to that of Alchemy which reveals a strong demand for online payment services.
