Alchemy Pay continues its expansion in the United States and has now obtained a money transfer license in Iowa.
crypto-fiat payment gateway Alchemy Pay has acquired a money services license in Iowa as part of its plans to expand widely in the United States. Purchasing a license complies with local state laws that require any person or entity operating a money transmission or currency exchange business to acquire the license.
Speaking to Cointelegraph about the license, the Alchemy Pay ecosystem leader touted the need for proper regulations and confirmed Alchemy Pay’s efforts to comply:
“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, and that includes the cryptocurrency fiat payments industry.”
Alchemy Pay is available in 173 countries and supports a variety of payment methods, including Mastercard, Visa, domestic transfers, and regional mobile wallets. The executive expressed confidence in crypto payments, calling it a “potentially leading sector in the future.”
McCracken went on to express Alchemy Pay’s desire to continue applying for and acquiring licenses throughout the United States. He admits that, although doing this is more difficult, it is an “ultimately correct” way to go. He said:
“…developing core competitiveness and maintaining the highest compliance standards are essential to the long-term success of the crypto payments industry.”
Alchemy Pay is also licensed in Arkansas and Iowa
In September, Alchemy Pay obtained a money transfer license from the state of Arkansas. Issued by the Arkansas Department of Securities, the license allows Alchemy Pay to provide people in Arkansas with cryptocurrency-related financial services. The license was the first payment gateway money transmission license in the US. By acquiring a license, Alchemy Pay joins other industry players such as MoonPay, Coinbase and bitFlyer, all of which hold these licenses.
In addition to licenses in the United States, Alchemy Pay is studying the possibility of acquiring licenses in other countries such as Hong Kong and the United Kingdom.
In February, Coinspeaker reported that Alchemy Pay obtained a payment license from Indonesian authorities. In collaboration with local company Berkah Digital Pembayaran, Alchemy Pay obtained a license from the Central Bank of Indonesia to handle remittances and transfer funds. In addition to simply handling fund transfers, Alchemy Pay hopes to compete with transfer services in the country by offering cheaper options.
Valuation of 400 million dollars
Alchemy Pay successfully raised $10 million in investment funding in April. According to a Press release, the company’s valuation at the time of financing was $400 million. The press release also included details of an nft Checkout service, which allows users to purchase NFTs using fiat payment options. In supported regions, anyone can use local fiat currencies to purchase NFTs.
On Monday, the company United the Stellar ecosystem as a new inbound and outbound service provider. This allows businesses and organizations on the Stellar network to use Alchemy Pay services for fiat-crypto conversions. The integration between both services allows easy conversion of USDC and XLM to fiat. It also allows developers and decentralized applications (dApps) in the Stellar ecosystem to integrate Alchemy Pay Ramp’s easy-to-use plugins and APIs.
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