Alchemy Pay, a Hybrid crypto-fiat platform, announced that it will launch virtual crypto-linked cards.
The cards can be linked to GPay and Paypal, and accept more than 40 cryptocurrencies. The cards will let its users make payments across Mastercard and Visa networks. Popular e-commerce platforms such as Amazon and eBay would also accept payments using these cards.
The firm reportedly has already completed the product’s development. It has also launched beta testing in multiple key markets. The firm expects to proceed with the full roll-out of the new product at the end of 2021 or early 2022.
The firm launched the new initiative in response to the growing demand for crypto-linked card transactions. This would allow crypto businesses to offer a full range of services. It will also help traditional institutions to integrate crypto-related solutions, Alchemy Pay said.
The news comes shortly after Alchemy Pay’s partnership with Binance last week. As part of the integration with Alchemy Pay, Binance will unlock crypto payments across merchants of Alchemy Pay’s partners in 18 countries.