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The partnership will see Alchemy Pay add support for multiple third-party local payment methods (LPMs) as payment options for its fiat on-ramp solution.
Paysafe, a global payment platform based in London, United Kingdom, has partnered with Alchemy Pay to increase its presence in the cryptocurrency market. In an announcement on Thursday, the company revealed that this collaboration will see its payment solutions integrated into Alchemy Pay’s crypto-to-fiat on-ramp solution, enabling Web3 businesses to offer their customers the ability to buy digital assets directly through the platform.
Expanding Crypto Capabilities
The partnership with Alchemy Pay will be rolled out in two phases, with the initial stage primarily focused on integrating Paysafe’s services into Alchemy Pay’s platform.
This planned integration aims to enhance payment solutions for crypto exchanges and other Web3-focused digital asset service providers. As a result, these businesses will be able to offer their customers a wide range of payment methods, including Paysafe’s Skrill and NETELLER digital wallets.
The London-based payment firm said that both Skrill and NETELLER wallets are already available in more than 130 countries. According to the firm, users within these nations can now use up to 40 different fiat currencies to purchase various cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
Although Paysafe did not disclose the accepted fiat currencies, its website shows that both wallets are available in many countries in Europe.
Alchemy Pay to Integrate Local Payment Methods
In addition to Skrill and NETELLER, the partnership will see Alchemy Pay add support for multiple third-party local payment methods (LPMs) as payment options for its fiat on-ramp solution.
The company will select LPMs with strong brand presence and recognition in key markets across the world, including Europe. This move aims to expand Alchemy Pay’s payment solution to a wider range of customers globally, giving its crypto partners and their customers more payment choices.
“The Skrill and NETELLER wallets’ large user base and popularity among crypto holders, along with the integration of local payment methods, will power Alchemy Pay’s fiat on-ramp with more payment options. We’re confident this partnership will enhance the payment experience for crypto exchanges and Web3 companies served by Alchemy Pay, driving their future growth.”
Adoption of Open Banking Solutions
The company has also adopted Paysafe’s open banking solutions to cater to its customers. The crypto-native firm will use this offering to provide its partner customers the opportunity to acquire cryptocurrencies using their bank accounts. Paysafe said its banking solution is already available in the UK and 15 other countries across Europe.
Following the successful integration of these services, the second phase of the partnership is scheduled to be introduced later this year. This phase will see Alchemy Pay adopt and incorporate more payment solutions offered by Paysafe to expand its services to other regions outside Europe.
The firm is eyeing the Latin American market for its next expansion move. However, Paysafe has warned that Alchemy Pay’s customers in the United States will not be able to benefit from the recent partnership.
