Alchemy Pay (ACH), a crypto project that’s surged more than 7,280% in the past two weeks on the heels of a listing on Coinbase, says it’s rolling out a virtual card that will be accepted across millions of merchants on the Visa and Mastercard networks.
The move is designed to spur the adoption of numerous cryptocurrencies, allowing people to spend their digital assets in the real world.
The crypto-linked card will support more than 40 types of digital assets and can be used on popular e-commerce platforms like Amazon and eBay, according to an Alchemy press release.
The virtual card can also be linked to digital wallets like Google Pay and PayPal. Alchemy expects to roll out the card services by the end of the year or early 2022.
Alchemy Pay is a hybrid crypto and fiat payment gateway that operates in 65 countries. Users can receive payments in their preferred local currency regardless of the sender’s payment method and currency.
According to the company’s website, consumers are incentivized with competitive transaction fees. The payment protocol also rewards customers with the project’s Ethereum-based ACH tokens for every crypto transaction. Partners are rewarded with ACH by integrating with Alchemy and enabling crypto payments for merchants.
ACH is trading around $0.11 at time of writing after hitting a low of about $0.001355 on July 21st, according to CoinGecko.
ACH initially surged after being listed on Coinbase Pro and then across all of Coinbase’s platforms. The crypto exchange Binance also partnered with Alchemy Pay to streamline client and merchant payment services across fiat and digital currency systems.
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