Alchemy Pay to launch virtual crypto cards with Visa and Mastercard support

Hybrid crypto-fiat platform Alchemy Pay announced Monday that the company would be launching virtual crypto-linked cards accepting more than 40 cryptocurrencies such as Bitcoin (BTC).

The new cards can be linked to Google Pay and PayPal digital wallets and make payments across the Mastercard and Visa networks, as well as popular e-commerce platforms such as Amazon and eBay.

According to the announcement, Alchemy Pay has already completed the product’s development and launched beta testing in multiple key markets. The firm expects to proceed with a full roll-out of the new product at the end of 2021 or early 2022.

The new initiative has been launched in response to the growing demand for crypto-linked card transactions, allowing crypto businesses to offer a full range of services as well as to help traditional institutions integrate crypto-related solutions, Alchemy Pay said. As previously reported, Visa alone processed over $1 billion in total crypto spending in the first half of 2021.

Alchemy Pay did not immediately respond to Cointelegraph’s request for comment.

Related: We have to be in the crypto space, Mastercard CEO says

The news comes shortly after Alchemy Pay last week partnered with Binance, the world’s largest cryptocurrency exchange by trading volumes. As part of the integration with Alchemy Pay, Binance will unlock crypto payments across merchants of Alchemy Pay’s partners in 18 countries, including e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay and others. The new feature wi be available through Binance’s payments application Binance Pay.

As previously reported by Cointelegraph, both Visa and Mastercard have been aggressively moving into the cryptocurrency industry over the past year.

After announcing payment compatibility for Circle’s stablecoin USD Coin (USDC) in late 2020, Visa has reaffirmed its commitment to crypto payments and fiat on-ramps, outlining a particular focus on stablecoin-based integrations. Mastercard has entered partnerships with Circle and blockchain firm Paxos to enable banks and crypto companies to roll out crypto cards globally.