As we have entered the last quarter of 2024, the Alchemy Pay team is excited to outline our focus areas and goals. Building upon the momentum and insights gained from the past months, our journey of the upcoming months goes with five key priorities:
- Securing necessary licenses
- Expanding business in our Web3 Digital Bank
- Keep broadening our fiat on-ramp payment channels offering
- Enhancing our Crypto Payment solution with innovative softPOS solution
- And the thrilling big news—launching our layer1 blockchain—Alchemy Chain!
With a keen eye on the evolving landscape and the valuable feedback from our community, we're confident that this roadmap will guide us towards a bigger vision. Buckle up!
Enhancing Global Operations through Regulatory Adherence
Since our inception in 2017, we have strived to provide clients and partners with the most safeguarding environment and enabling every transaction fully under compliance. Our unwavering focus on regulatory adherence has driven us to pursue over 20 global licenses in 2024.
Currently we are waiting for the result of Hong Kong Money Service Operators License (MSO). Additionally, we have submitted our application for the Dubai Virtual Assets Regulatory Authority (VARA) License, the Digital Currency Exchange Service Providers (DCEP) License, and planned to register as a Remittance Service Provider in Australia.
Notably, after making progress in securing licenses in Arkansas, Iowa, and New Hampshire, these successes have encouraged us to continue to apply for Money Transmitter Licenses in additional U.S. states for business expansion.
These approvals will ensure our adherence to local regulatory standards and signficantly expand our compliant global footprint. We are also actively pursuing additional licenses in countries including South Korea, Singapore, and Europe to further solidify our position as a leading, regulated crypto payment company.
Web3 Digital Bank Sets Sights on Australia
Following the successful launch of its Web3 Digital Bank service in May, Alchemy Pay has taken the next step to advance this service. By acquiring the expected Remittance Service Provider approval in Australia, Alchemy Pay will be able to provide a range of financial services, including international money transfers, foreign currency exchange, and remittance network operation and management.
International Remittances: This function will enable both individuals and businesses to seamlessly transfer funds to and from Australia and other countries. This enhanced accessibility and convenience benefits a wide range of clients including immigrants, students, expatriates, and multinational corporations.
To further streamline the process, Alchemy Pay will offer multiple payment options such as bank transfers, cash withdrawal, mobile payments, and electronic wallet transfers, significantly reducing transaction time and effort.
Foreign Exchange Services: Additionally, the approved remittance service provider can offer foreign exchange services, including quoting foreign exchange rates and conducting foreign exchange transactions, granting users convenient access to convert their fiat currencies.
Remittance Network Operations: As a remittance network operator, we empower our customers to build and manage their own agent networks. This allows them to offer remittance services through these agents. During this process, we support our partners by providing technical assistance, ensuring compliance standards, offering training, and handling funds settlement for individual agents.
Our Web3 Digital Bank service delivers a cutting-edge transaction experience for individuals while offering global businesses a compliant, efficient, and dependable platform for managing multi-currency accounts, thereby enhancing operational efficiency worldwide.
Expanding Fiat Accessibility in Australia and Korea
As a leading global crypto payment service provider, we actively expand our reach, ensuring our services are accessible to everyone across the globe. Looking back, we have gone beyond traditional card payments like Visa and Mastercard to include local mobile wallets and domestic bank transfers, offering users a broad range of payment options.
Our focus in the next few months is to expand fiat channels in Australia and South Korea. Given the Korean Won's dominance in crypto trading during the first quarter of 2024, as reported by research firm Kaiko, we aim to capitalize on South Korea's thriving market by integrating more localized payment methods. Additionally, we're exploring partnerships to integrate online banks like N26 and Revolut to broaden our global fiat network.
Unlocking Business Potential with SoftPoS
In July, Alchemy Pay made a significant advancement to its Crypto Payment Solution by enabling users to connect their exchange and wallet accounts, such as Coinbase, Kraken, and MetaMask, for seamless crypto-based purchases.
Our commitment to expanding the cryptocurrency landscape drives the ongoing development of our Crypto Payment Solution. Alchemy Pay will continue to integrate a broader range of popular crypto wallets and major exchanges. Given the growing popularity of the TON ecosystem, we will prioritize wallet payment support within this network.
Beyond digital frontiers, Alchemy Pay will continue its journey in exploring more possibilities in the real-world, such as focusing on making a tangible impact by equipping small businesses with tools like SoftPoS to thrive.
Unlike traditional POS solutions which are too expensive or inconvenient for micro, small and medium-sized merchants, SoftPoS is actually a mobile POS terminal, allowing merchants to accept card payments directly through credit cards or QR codes on their phone or devices without the need for any additional hardware device.
By integrating SoftPoS, we aim to democratize payment acceptance, empowering businesses of all sizes to participate in the crypto economy. This increased accessibility, combined with our expanding crypto payment options, will drive broader cryptocurrency adoption and foster a thriving crypto ecosystem.
Taking the Leap: Our Next Move to Launch Alchemy Chain
Yes, you heard that right—we're not messing around. After countless internal discussions, the Alchemy Pay team has made the bold decision to launch our very own Layer 1 blockchain: Alchemy Chain.
This wasn’t an easy choice, as it means we’re taking on even greater responsibilities to reinforce our commitment to being a leading crypto payment solution provider. Regardless of how we evolve or shape our products, our focus remains unwavering: delivering top-tier payment solutions for the crypto world.
Here’s a sneak peek—Alchemy Chain is a cutting-edge blockchain platform designed to revolutionize payments. As a high-performance blockchain specifically tailored for payments, it will provide a scalable and reliable infrastructure for a wide range of applications and business scenarios. Stay tuned, and we’re thrilled to bring this groundbreaking innovation to you soon!
Looking ahead
Alchemy Pay's roadmap for the Q4 2024 is both ambitious and visionary, and we're grateful to have you with us on this journey. In the coming months, you'll find our teams active in Japan, Korea, Australia, and Dubai. Follow our official account on X, join our Telegram and Discord community, and stay tuned for even more exciting milestones ahead!
About Alchemy Pay
Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay supports payments in 173 countries.
The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. Additionally, our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to conveniently spend their crypto assets for everyday purchases. ACH is the Alchemy Pay network token on the Ethereum blockchain.
