Cryptocurrency On-ramp and Off-ramp service provider, Alchemy Pay have secured regulatory approval in Indonesia. According to an official blog post today, the Indonesian Central Bank has approved Alchemy Pay to provide remittances and fund transfers in the country.
As revealed, the firm secured the regulatory approval alongside BT Berkah Digital Pembayaran. With the approval, Alchemy Pay will avail Mastercard, Visa, Google Pay and Apple Pay payment options for Indonesians to acquire cryptocurrency. Also, the license will aid firms that integrate Alchemy Pay’s to provide a functional payout system to their users. Therefore, aiding them to reduce operational costs.
Further insights into the regulatory approval indicates that BDPay platform became listed as a Payment Service Provider. The combination of the two firms will see Indonesians access seamless On-ramp and Off-ramp crypto payments. Meanwhile, the innovation will enjoy due assistance from PT Berkah Digital Payments’ team. The firm, in its ranks, has a league of experts from the Traditional Finance, Fintech Payments and Blockchain technology sectors.
Additionally, the latest approval sums to another attempt by Alchemy Pay to expand its presence in the Asian Market. The joint regulatory approval will enhance the advancement of cryptocurrency in Asia, a region that has enjoyed massive crypto adoption in recent times.
Presently, Alchemy Pay is providing On-ramp and Off-ramp crypto services through mobile wallets and domestic transfers in 173 countries across the globe. The platform is famous for its provision of a working payment platform for remittance partners, crypto exchanges, blockchain networks and many others. Crypto On-ramp and Off-ramp refer to the exchange of money between crypto and fiat. On-ramp service aids users to exchange their fiat for cryptocurrency. Likewise, Off-ramp is the opposite because it helps users to exchange their crypto for fiat.
Side note about Alchemy Pay
In the past, the Singapore-based firm has initiated different mechanisms to advance its On-ramp and Off-ramp crypto services. Last week, the firm collaborated with Google Pay to simplify its payment system. According to a Binbits report, the collaboration emanated in a bid to provide a secure system of acquiring crypto with fiats.
The collaboration then facilitated an advancement for non-U.S users of Alchemy pay to use the USD for payment. Worth noting that Alchemy Pay has partnered with some notable blockchain service providers in the past. Some of them include Polygon, Binance, Algorand, Avalanche and Arbitrum.