Alchemy Pay Expands US Reach with Four New State Licenses

In a recent development, Alchemy Pay has expanded its compliance reach in the United States. It recently secured money transmitter licenses in Minnesota, Oklahoma, Oregon, and Wyoming, bringing its total licenses in the US to eight according to the Nationwide Multi-State Licensing System and Registry.

These new licenses follow previous approvals in Arkansas, Iowa, New Hampshire, and New Mexico. With this expansion, Alchemy Pay is now able to offer more of its cryptocurrency services to residents and businesses in these states. The company’s on-ramp and off-ramp services allow users to exchange between the US dollar and cryptocurrencies like Bitcoin.

A spokesperson from Alchemy Pay shared that each license builds a stronger base in the United States. Each one supports the company’s goal of creating safer access to cryptocurrency in a way that meets state requirements. This gradual rollout of services is a step toward making crypto transactions easier for users across licensed states.

Alchemy Pay also offers options for spending with virtual and physical cards and merchants worldwide can accept crypto payments through its system. These services allow more people to engage in digital transactions globally. Alchemy Pay’s chief revenue officer, Romeo Luo, said the goal is to set high standards for operating in the US. The licensing review process varies by state and can take months to a year. Alchemy Pay’s work to secure each license reflects a steady commitment to the US market.

Alchemy Pay does not expect major changes from the upcoming US administration shift following Donald Trump’s 2024 election win. The company intends to stay focused on its path forward and continue expanding in the US market. The firm’s goal is to make digital payments accessible while following state guidelines. With each new license, the company moves closer to wider adoption of its services. They also want to remain committed to expanding safe and regulated options for cryptocurrency users.