Paysafe has entered into a strategic partnership with Alchemy Pay in significant development for the cryptocurrency and payments industries. This collaboration aims to broaden Alchemy Pay’s payment solutions, allowing users to purchase cryptocurrencies using a variety of fiat currencies.
The initial phase of the partnership saw Alchemy Pay integrate Paysafe’s Skrill and NETELLER digital wallets, alongside several local payment methods (LPMs), into its Fiat On-ramp solution. This integration provides users in 130 countries with expanded options to buy Bitcoin, Ethereum, and other cryptocurrencies.
“We’re delighted to partner with Alchemy Pay, which, like Paysafe, has a global footprint,” stated Micah Kershner, SVP of Crypto & Digital Assets at Paysafe. “Adding Skrill and NETELLER, coupled with local payment methods, will enhance Alchemy Pay’s Fiat On-ramp, offering a richer payment experience for crypto exchanges and Web3 companies.”
Expansion Plans and Market Reach
The partnership aims to improve current payment options and expand into new markets. The second phase of the collaboration, expected later this year, will see the integration of additional Paysafe payment options into Alchemy Pay’s services, focusing on Latin America.
🚀We are thrilled to partner with @Paysafe to integrate its #Skrill and #NETELLER#DigitalWallets plus various local payment methods into our Fiat On-ramp service.
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) July 25, 2024
Robert McCracken, Ecosystem Lead at Alchemy Pay, remarked, “Partnering with Paysafe streamlines the fiat-crypto onboarding process, which is crucial for unlocking the full potential of cryptocurrencies. This collaboration will significantly enhance our service offerings in Europe and pave the way for future expansions into other promising markets like Latin America.”
The integration also leverages Paysafe’s open banking solution in the UK and 15 European countries, facilitating direct crypto purchases from bank accounts for Skrill users.
Industry Impact and Future Prospects
Paysafe’s extensive experience in the payment processing sector and Alchemy Pay’s innovative approach to integrating crypto and traditional finance positions this partnership as a powerful force in the financial technology landscape. With Paysafe’s annualised transactional volume hitting $140 billion in 2023 and a broad user base of digital wallets, the partnership is set to drive significant growth and adoption in the crypto payment space.
Alchemy Pay, founded in Singapore in 2017, has rapidly become a leading player in the fiat-crypto payment gateway sector, serving 173 countries. Its offerings include various solutions for buying and selling crypto and integrating payment options for businesses, developers, and end-users.
Conclusion
The collaboration between Paysafe and Alchemy Pay marks a notable advancement in facilitating fiat-crypto transactions, enhancing user experience, and expanding market reach. As the partnership progresses, it is expected to impact the ease with which users can use cryptocurrencies globally.
