Cryptocurrency payment gateway Alchemy Pay has expanded its compliance in the United States by obtaining new licenses in four additional states. The company secured money transmitter licenses (MTLs) for Minnesota, Oklahoma, Oregon, and Wyoming, as announced on November 8.
These new licenses bring Alchemy Pay’s total number of state licenses to eight, according to data from the Nationwide Multi-State Licensing System and Registry. This follows earlier approvals in Arkansas in September 2023, Iowa in November 2023, as well as in New Hampshire and New Mexico.
With these four additional licenses, Alchemy Pay can now expand its crypto services to residents and businesses in the newly licensed regions. The firm is now able to offer its on-ramp and off-ramp services in the eight licensed states, allowing users to seamlessly transact between the US dollar and cryptocurrencies like Bitcoin (BTC).
“Right now, we’re focused on building a solid, compliant base in each licensed region,” an Alchemy Pay spokesperson said. The company has been rolling out services in stages, starting with crypto on- and off-ramps to ensure compliance with state requirements. “Each new license is a step toward making crypto access smoother and safer for US users — so for us, each one is a big milestone in expanding our reach,” the spokesperson added.
In addition to offering on- and off-ramp solutions, Alchemy Pay also provides virtual and physical cards for instant crypto spending globally. The company enables merchants to accept cryptocurrency payments through its payment solution, facilitating wider adoption of digital currencies.
According to Alchemy Pay’s Chief Revenue Officer, Romeo Luo, securing these MTL licenses aims to tap into the “tremendous potential” of the US crypto market. “We’re proud to be setting high standards in the evolving Web3 landscape, especially in the US, a market with vast opportunities for growth,” Luo stated.
The licensing process in US states can vary and may take up to a year in some cases. “It usually takes several months to a year, depending on the review process,” a company representative noted.
Alchemy Pay does not anticipate any major changes following Donald Trump’s victory in the recent US presidential election. “We’re always hoping for a smoother path forward, but we’ll stay the course regardless of any shifts in administration,” the representative said.