With the product already accessible to many regions, the Web3 Digital Bank will also serve as a bridge connecting the traditional finance industry to the world of cryptocurrencies.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Alchemy Pay, a leading financial services company and payment infrastructure provider, has announced the launch of its new Web3 Digital Bank. This online payment and banking solution is designed to facilitate seamless fiat-to-crypto transactions for institutional customers.
According to a blog post dated May 21, the company unveiled the Web3 Digital Bank as part of its business offerings.
The new service aims to provide corporate institutions with a compliant, user-friendly, and reliable platform for setting up and managing multiple fiat-to-crypto accounts.
Alchemy Pay said it drew inspiration from Ripple’s approach to cross-border payments to develop the Web3 Digital Bank.
Unlike other payment solutions that help businesses handle international transactions, this new product aims to tackle some of the industry’s primary challenges while introducing innovative solutions at the same time.
The new offering will function as both a bank and an online payment platform for businesses worldwide.
Alchemy Pay plans to integrate Web3 Digital Bank into its on-ramp products, enabling seamless conversions between fiat and digital assets within a single bank account.
The company said it has become a “true Web3 bank” with the launch of the new product. The firm now provides an innovative banking system equipped with fiat-crypto conversion ramps.
Initially, the Web3 Digital Bank will only support two fiat currencies: the United States dollar and the European euro, before expanding to other fiat currencies. After successful deposits of the accepted fiats to the account, Alchemy Pay will “instantly transform” the funds to stablecoins such as USDT and USDC.
The move aims to set a new standard and level of convenience in the financial market by making it easier to move money across borders without traditional banking barriers.
Alchemy Pay also wants to leverage its existing licenses and compliance capabilities to enable users within regulated markets to access the new offering.
The company is already regulated in the United States, Canada, Indonesia, and Lithuania. It recently obtained a regulatory license from the UK Financial Conduct Authority (FCA) through its investment in LaPay UK Ltd.
Additionally, Alchemy Pay won a Hong Kong license through its partnership with Victory Securities, the first corporation to obtain regulatory approval from the Securities and Futures Commission (SFC) of Hong Kong to offer advisory and digital assets trading services to customers in the region.
The company said it is registered in many countries across four continents.
With the product already accessible to many regions, the Web3 Digital Bank will also serve as a bridge connecting the traditional finance industry to the world of cryptocurrencies. Companies outside the emerging economy can use the product to invest directly in their preferred digital assets through the accepted fiat currencies as part of their corporate assets.
Alchemy Pay said the move is part of its dedicated commitment to promoting a more inclusive and equitable financial landscape. The company’s future plans include seeing its banking products provide additional support to businesses entering the digital asset sector.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
