Alchemy Pay Expands Payment Reach With New Mexico Money Transmission License

(MENAFN- PR Newswire)

SINGAPORE, Oct. 29, 2024 /PRNewswire/ -- Alchemy Pay, the world-leading fiat-crypto payment solution provider, has announced the Acquisition of another Money Transmission License in New Mexico, United States. Following the MTL licenses secured in Arkansas , Iowa , and New Hampshire , this new license further validates Alchemy Pay's capabilities and qualifications as recognized by the authorities, facilitating its expansion of crypto payment business in the U.S. market.

The license status can be verified through the Nationwide Multistate Licensing System by searching for "Alchemy Pay" or the NMLS ID "24495750". Additionally, this page lists other states where Alchemy Pay has been authorized to conduct business.

This Money Transmission License is mandatory for any company involved in money transmission activities or those promoting, soliciting, or presenting themselves as providers of money transmission services in New Mexico, the U.S. This license is crucial for maintaining the security and reliability of the payment system, providing essential protections for both consumers and businesses engaged in financial transactions. Other authorized entities recognized by the New Mexico Regulation & Licensing Department Financial Institutions Division include American Express, Western Union, and others.

Due to the independent regulatory operations of the various states within the United States, Alchemy Pay is actively applying for Money Transmission Licenses (MTL) in additional states individually. Other target regions also include Hong Kong, Australia, South Korea, Singapore, and Europe, with the goal of acquiring a total of 20 additional licenses globally.

The complete list of planned licenses can be found in the Alchemy Pay's 2024 roadmap . With over 1 million registered users and millions in transaction volume, Alchemy Pay's pursuit of enhanced regulatory compliance aims to fortify its presence in both existing and new markets. This effort will enable Alchemy Pay to offer superior service and provide robust support for the expansion into new ventures, such as the Web3 Digital Bank and the recently updated Crypto Payment product.

In 2024, Alchemy Pay successfully secured a Money Transmitter License in New Hampshire and an Authorized Payment Institution License in the UK . With these additions, Alchemy Pay now holds licenses in several countries, including the United States, the UK, Lithuania (Europe), Indonesia, and Canada. Significantly, Alchemy Pay's credibility extends into the traditional payment sector, as both Visa and Mastercard have recognized it as an authorized third-party service provider.

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay supports payments in 173 countries.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. Additionally, our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to conveniently spend their crypto assets for everyday purchases. ACH is the Alchemy Pay network token on the Ethereum blockchain.

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SOURCE Alchemy Pay

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