PRESS RELEASE. Singapore, February 2022 – Leading fiat and crypto payment solutions provider, Alchemy Pay (ACH), announces its partnership with the Europe-based digital bank, Paytend. Alchemy Pay’s client crypto services, such as exchanges and investment platforms, will now offer users to pay directly in euros via credit and debit cards without requiring costly back-end conversion to US dollars.
Presently, most crypto service providers only accept US dollars and users paying in euros incur hidden foreign exchange fees when the euros-to-dollars conversions take place. Alchemy Pay’s enhanced service reduces forex friction for both businesses and consumers in Europe – a strategic offering that helps the company expand its global reach in the crypto payments industry.
John Tan, CEO of Alchemy Pay, explained the significance of the collaboration, “Europe is a key region for crypto at this point, and leveraging Paytend’s licensed payment channels gives us an advantage in the market. We are now offering our commercial partners in Europe and their users the most competitive prices and our network has more coverage than ever.”
With more than $1 trillion in transactions, Europe has become the largest cryptocurrency economy in the world. A Chainalysis report from October last year observed that Europe had grown to become the number one in the world in terms of crypto activity. The continent’s $1 trillion worth of cryptocurrencies last year represented around a quarter of all global activity.
Alchemy Pay’s flagship product is its hybrid crypto-fiat payment system that allows merchant partners to accept popular cryptocurrencies in offline and online payments at a low cost and with near-instant instant conversion to the merchant’s local fiat currency. It recently expanded services with crypto exchange, MEXC, and partnered with leading blockchain networks including Polygon Network, Avalanche, Algorand, and NEAR to drive crypto payment use cases.
Having obtained a European Union EMI licence and a technical framework that meets regulatory requirements, Paytend provides innovative digital banking services for European and overseas users around the world. Paytend is positioned to provide comprehensive financial services within the unified regulation of the European Central Bank to ensure the safety of funds. Leveraging its wide-reaching settlement network in Europe and the international markets, Paytend Europe has an expansive reach across Europe and provides low-cost and efficient digital banking services for clients with needs of cross-border remittances, card issuance and acquisition.
About Alchemy Pay
Founded in Singapore in 2018, Alchemy Pay (ACH) is a payment solutions provider that seamlessly connects fiat and crypto economies for global consumers, merchants, developers, and institutions. It provides online and offline merchants with convenient acceptance of both fiat and crypto, enables easy onboarding to blockchain ecosystems, and makes DeFi services highly accessible. Today, Alchemy Pay is supported in over 70 countries with 300 payment channels, has touchpoints with more than 2 million merchants through partnerships with industry leaders such as Binance, Shopify, NIUM, and QFPay. Alchemy Pay’s token, ACH, runs on the Ethereum blockchain and is a top 250 cryptocurrency by market capitalisation.
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