Cryptocurrency payment provider Alchemy Pay has taken another step in its expansion across the United States by securing four new Money Transmitter Licenses (MTLs) in Minnesota, Oklahoma, Oregon, and Wyoming. These additional licenses bring the company’s total to eight state licenses, bolstering its ability to offer compliant crypto services to more US users.
This latest development follows earlier approvals in Arkansas, Iowa, New Hampshire, and New Mexico, obtained between September and November 2023. Alchemy Pay’s newly acquired licenses enable the company to provide on-ramp and off-ramp services, facilitating easy transactions between the US dollar and cryptocurrencies like Bitcoin for residents and businesses in these licensed states.
Alchemy Pay’s licensing journey is part of its strategy to establish a solid and compliant presence in the United States. A company spokesperson emphasized the importance of adhering to state requirements, saying, “Each new license is a significant milestone in making crypto access smoother and safer for US users.”
In addition to on-ramp and off-ramp services, Alchemy Pay offers virtual and physical cards that enable instant crypto spending worldwide. Through its payment solutions, merchants globally can accept cryptocurrency transactions, expanding the utility and acceptance of crypto assets in daily business.
Romeo Luo, Alchemy Pay’s Chief Revenue Officer, expressed enthusiasm about the growing US crypto market, stating that the licenses are aimed at tapping into the country’s “tremendous potential” for growth. However, he also noted that obtaining licenses in various states can be a lengthy process, often taking several months to a year.
Looking ahead, Alchemy Pay does not anticipate any significant changes in its compliance strategy due to the recent US presidential election. A representative confirmed, “We’re always hoping for a smoother path forward, but we’ll stay the course regardless of any shifts in administration.”
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