Alchemy Pay Secures Four New State Licenses to Boost U.S. Compliance

Alchemy Pay, a platform that provides crypto payment solutions, has expanded its compliance in the United States by obtaining money transmitter licenses (MTLs) in four new states: Minnesota, Oklahoma, Oregon, and Wyoming.

Alchemy Pay Expands to Eight States

The expansion allows Alchemy Pay to extend its crypto services to businesses and residents in these newly licensed states. It also reflects Alchemy Pay’s commitment to setting high standards for compliant growth in Web3, especially amid the growing crypto sentiment in the U.S. market.

With these new licenses, Alchemy Pay now holds a total of eight state licenses across the U.S. This enables the platform to offer its on-ramp and off-ramp services in these states, allowing users to easily exchange U.S. dollars (USD) and cryptocurrencies like Bitcoin (BTC).

These latest licenses build on previous approvals in Arkansas (September 2023), Iowa (November 2023), and New Hampshire and New Mexico. Alchemy Pay’s Chief Revenue Officer, Romeo Luo, emphasized the company’s aim to tap into the U.S. crypto market’s “tremendous potential” through these MTLs.

“We’re proud to be setting high standards in the evolving Web3 landscape, especially in the US, a market with vast opportunities for growth,” Luo said.

Alchemy Pay’s compliance-first approach ensures that its services align with each state’s regulatory requirements, fostering trust among both partners and users. The platform currently has over one million registered users worldwide and processes millions in annual transaction volumes. It is also recognized by major payment companies like Visa and Mastercard as an authorized third-party provider.

Streamlining Fiat-Crypto Transactions

The regulatory milestone comes as Alchemy Pay prepares to launch Alchemy Chain, its own layer-1 blockchain, designed to address the growing needs of its business operations. According to reports, Alchemy Chain will utilize Solana Virtual Machine (SVM) architecture and aims to connect blockchain transactions with off-chain storage systems.

The new blockchain is expected to simplify the integration between fiat and crypto transactions, improving the transparency, security, and efficiency of global payments. By offering fast, low-cost settlements, it seeks to benefit not only individual users but also financial institutions and encourage the broader adoption of blockchain technology in traditional finance.