Singapore-based Crypto-fiat payment solution, Alchemy Pay, announced further expansion into the U.S. market through their acquisition of a Money Services License in Iowa on Thursday morning.
Dedication to compliance
“We are thrilled to announce that we have obtained a Money Services License in Iowa, marking our second compliant license in the United States,” read a post from Thursday from the company’s X account. “This achievement underlines #AlchemyPay‘s global payment capabilities, and our dedication to compliance.”
Founded by John Tan, Molly Zheng, and Shawn Shi in 2017, Alchemy Pay currently operates in over 173 countries. News of the payment gateway’s expansion into Iowa follows the recent announcement that the company obtained a money transmitter license in Arkansas.
“In recent months, the Alchemy Pay team has seen success in securing compliant licenses, a development that strengthens its position in both the U.S. and international markets,” stated a recent press release from the payment gateway. “Alchemy Pay’s acquisition of these licenses places it alongside established players like Coinbase, Elon Musk’s X, and MoonPay.”
A rapid expansion
The company’s acquisition of Iowa’s Money Services License signals the latest development in Alchemy Pay’s rapid expansion. Earlier this year, the company received a license from the Central Bank of Indonesia.
“The acquisition of our second Money Services License in the United States underlines Alchemy Pay’s global payment capabilities and our dedication to compliance,” said Ecosystem Lead Robert McKraken. “We continue to obtain licenses in countries and regions around the globe, improving our user’s experience, and strengthening our network coverage.”
“The achievement of this license for the second time underscores Alchemy Pay’s capabilities and represents a significant stride in its global market expansion efforts,” continued the press release.
The organization’s on-ramp supports numerous payment mechanisms, including Visa, Mastercard, Google Pay, Apple Pay, and more. The organization has currently achieved licensing in Lithuania, Indonesia, Canada, and the U.S.
“Through dedicated efforts, Alchemy Pay is actively advancing its license applications in the UK and Hong Kong,” noted the press release.
The payment gateway solution boasts a number of partnerships with high-profile companies in the crypto industry and beyond, including Shopify, PriceRite, Aldo, and more. On and off-ramps associated with Alchemy Pay include Arbitrum, Token Pocket, Bitget Wallet, and more.
Additionally, the company is a member of the Blockchain Infrastructure Alliance and the Singapore Blockchain Association. It has plans to expand further into the U.S. expected to continue in 2024, with applications for licensing pending in numerous states across the country.
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