Singapore’s Alchemy Pay eyes crypto bank expansion

Singaporean blockchain payments operator Alchemy Pay plans to open a Web3 bank this year if it is approved for an Authorised Payment Institution license from United Kingdom authorities to conduct remittance, payment processing and managed account operations.

The firm said on March 7 that its upcoming Web3 bank accounts will support both enterprises and retail users and offer accounts in both euros and United States dollars. “Through our collaboration with banks, both conventional enterprises and Web3 firms can establish multi-currency accounts via Alchemy Pay. Real-time currency swaps are facilitated between EUR and USD, as well as between fiat and USDC/USDT,” Alchemy wrote.

Founded in Singapore in 2017, Alchemy currently supports fiat to crypto on-ramping and payment solutions in 173 countries. The firm allows users to purchase nonfungible tokens directly using their fiat payment methods and use their virtual or physical crypto cards for instant spending.  

Milady NFT bull run 

Anime avatar nonfungible tokens (NFT) collection Milady has doubled in floor price in recent days to $19,000 apiece.

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Author: Zhiyuan Sun

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