In another effort towards enhancing its virtual assets payment initiative, Alchemy Pay has unveiled a crypto card service today. The payment merchant revealed the new service via a blog post emphasizing how it will help users spend their crypto assets conveniently. According to the firm, the innovation surfaced due to the increasing demand for an easy and secure way of using their virtual assets.
In the blog post, Alchemy Pay provided insights into the basic functions of the crypto virtual card. More so, the firm described how users can make payments online with their crypto assets without a physical card. The payment giant went on to liken the new initiative to traditional virtual cards. However, the firm established that its new service will aid users to spend their crypto assets on any platforms that accept traditional debit or credit cards.
Additionally, Alchemy Pay described how users will link the virtual card to their crypto wallet to make payments. With the initiative, users can make online payments directly with cryptocurrency without converting it to fiat. Part of the initiative provides users options to choose between two types of crypto virtual cards; Lite and Standard. However, the two types of cards come with various KYC requirements, application fees, and monthly limits.
As established in the blog post, the crypto virtual cards don’t attract additional or monthly charges. Alchemy Pay in the announcement provides steps users must follow to acquire the crypto virtual card. Meanwhile, they must top up the card with $10 before using any virtual assets of their choice on it.
Efforts by Alchemy Pay to encourage crypto payment
Lately, Alchemy Pay has emerged as a frontier of the push for the embracement of cryptocurrency. The release of the virtual card surfaced on the heels of the launching of Alchemy Pay’s crypto card for business. On June 16, 2023, the payment firm launched a crypto-virtual card solution to support business owners to design Visa and MasterCard for their customers.
The latest launching of the crypto virtual card highlights the increasing effort of Alchemy Pay to encourage more adoption of cryptocurrency. The firm’s commitment to the crypto space birthed its collaboration with ultra-secure blockchain, IoTeX. The two partners worked on providing on-ramp and off-ramp services on the IoTeX network. Now, the unveiling of the crypto-virtual card will complement existing infrastructure to encourage more adoption of cryptocurrency.