Back to the list

Alchemy Pay to launch a Web3 Digital Bank for smooth fiat-crypto conversion 

source-logo  invezz.com 21 May 2024 14:19, UTC

Alchemy Pay, a renowned crypto-fiat payment provider, has revealed plans to launch a Web3 Digital Bank.

Alchemy Pay Set to Launch Web3 Digital Banking Solution for Enterprises https://t.co/G22k82rVZj

— Stock Market News (@Stock_Market_Pr) May 21, 2024

Global enterprises can leverage this initiative to open and run many accounts, manage cash flows, and facilitate smooth fiat-crypto conversion.

The compliant firm remains well-suited to offer regulated digital banking solutions to Web3 firms.

The banking solutions and fiat-crypto integration will allow individuals to convert fiat to crypto (or vice versa) using one bank account.

Alchemy Pay has been in the crypto payments sector for a while, and the experience positions it to offer a state-of-the-art banking product for enterprises to manage many fiat accounts effectively.

Further, the Web3 bank will introduce more financial opportunities with a monetary system facilitating fiat-cryptocurrency transactions.

The diversified offerings will offer solutions to individuals interested in multi-fiat financial accounts. For instance, users can transact between EUR and USD with top-notch flexibility.

Moreover, the fiat-crypto integration will allow instant transactions between the forex pairs and stablecoins like USD Coin (USDC) and Tether (USDT).

Ripple (XRP) behind the inspiration

According to the press release, Ripple’s model for international payments motivated Alchemy Pay’s move.

The XRP company addresses various financial challenges with innovative solutions, Web3 firms have faced significant obstacles in handling crypto-fiat-related cross-border transactions.

Alchemy Pay wants to fill this gap with the Web3 Digital Bank, expanding financial possibilities with easy-to-use offerings.

The post Alchemy Pay to launch a Web3 Digital Bank for smooth fiat-crypto conversion appeared first on Invezz