Alchemy Pay has widened its U.S. presence, picking up four new Money Transmitter Licenses in Kansas, West Virginia, South Dakota, and Nebraska. The move is a practical one: the licenses let the company legally handle regulated money transmission in those states, things like converting fiat to crypto and moving funds between accounts, and they make it easier for Alchemy Pay to offer compliant on- and off-ramps to customers and partners.
Those four approvals bring Alchemy Pay’s total number of active U.S. money transmitter licenses to 14. The company already holds authorizations in states such as Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, Wyoming, Arizona and South Carolina, and now Kansas, West Virginia, South Dakota and Nebraska sit alongside them. Alchemy Pay says it also has other state applications still under review as it continues to map out a broader regulatory presence.
This isn’t just paperwork for the sake of it. Strengthening the regulatory foundation helps Alchemy Pay scale its existing payment services more confidently and supports new product plans. The company points to its Real-World Asset (RWA) platform, which lets people buy tokenized stocks with ordinary payment methods, as an example of the kinds of offerings that benefit from a clear regulatory footing. Alchemy Pay is also preparing to issue its own stablecoin and is building Alchemy Chain, a Layer 1 blockchain focused on stablecoins and payments; the chain is in development and a testnet launch is expected soon.
Supporting Fiat-to-Crypto Payments
The U.S. updates are part of a broader regulatory push. Over the past year, Alchemy Pay has secured approvals and registrations in other key markets, including Digital Currency Exchange Provider registration in Australia, an Electronic Financial Business registration in Korea, membership in Switzerland’s VQF as a recognized self-regulatory organization, and a shared holding of SFC Type 1, 4 and 9 permissions in Hong Kong through an investment in HTF Securities Limited. Taken together, these milestones underline the company’s strategy of growing through regulated channels rather than trying to operate around them.
Founded in 2017, Alchemy Pay calls itself a bridge between crypto and traditional finance. Its product suite ranges from On & Off-Ramp services and a Web3 Digital Bank to an NFT Checkout and the new RWA platform, and the company says its infrastructure supports fiat payments in 173 countries. The Ramp offers a single integration for buying and selling crypto and fiat, the Web3 Digital Bank provides multi-fiat accounts and instant fiat-crypto conversion for Web3 businesses, and the NFT Checkout enables people to buy NFTs using standard payment cards and other fiat methods. ACH is Alchemy Pay’s network token on the Ethereum blockchain.
For customers and institutions that have been watching regulatory signals closely, the additional licenses are likely to read as a reassuring, pragmatic step. Whether Alchemy Pay’s expanding approvals will speed adoption of its newer products, like the RWA platform, its planned stablecoin, or Alchemy Chain, will depend on how the company executes next, but the latest batch of state licenses certainly gives it more room to operate within the rules.
