Fintech
Paysafe and Alchemy Pay Partner to Let Customers Buy Cryptocurrency with Bank Accounts
Paysafe is partnering with Alchemy Pay, a fiat-to-crypto payment solutions provider, to provide consumers with a range of payment methods for purchasing cryptocurrency. According to today’s (Thursday) announcement, the move is aimed at making cryptocurrency transactions easier and more accessible.
In the initial phase of the partnership, Alchemy Pay will integrate Paysafe to strengthen its services for cryptocurrency exchanges, Web3 businesses, and other cryptocurrency businesses. This integration allows Alchemy Pay users to access Paysafe, Skrill, and Neteller digital wallets. It is also said to provide various local payment methods on a single integration.
According to the company, this offer is open to users in 130 countries with over 40 fiat currencies to purchase Bitcoin, Ethereum and other cryptocurrencies via Alchemy Pay’s Fiat On-ramp product. Alchemy Pay will now use Paysafe’s open banking solution in the UK and 15 European countries to allow customers to purchase cryptocurrencies directly from their bank accounts.
Alchemy Pay’s Fiat On-ramp product is planning to offer even more options, incorporating LPMs with high brand recognition in specific European markets. These additions, combined with Skrill and NETELLER’s global user base, aim to reduce transaction abandonment and payment friction.
Future Expansion Plans
Looking ahead, the second phase of the partnership, expected to launch later this year, will see Alchemy Pay integrate more Paysafe payment options in additional markets, including Latin America. This expansion aims to further simplify fiat-crypto transactions and bring the benefits of cryptocurrency to a wider global audience.
Meanwhile, Paysafe reported its first-quarter earnings in May, highlighting solid financial performance and growth in key business segments. The company reported an 8% year-over-year increase in revenue to $417.7 million, which was up 7% on a constant currency basis.
Additionally, Paysafe’s adjusted EBITDA for the period was $111.9 million, a 4% increase over the prior year. The company also reported net income of $3.1 million, a substantial expansion from a net loss of $3.8 million in the same period a year earlier.
Last year, Paysafe expanded its partnership with Visa. This partnership sought to integrate Visa network tokens, providing an alternative to traditional credit and debit card account numbers.
Paysafe is partnering with Alchemy Pay, a fiat-to-crypto payment solutions provider, to provide consumers with a range of payment methods for purchasing cryptocurrency. According to today’s (Thursday) announcement, the move is aimed at making cryptocurrency transactions easier and more accessible.
In the initial phase of the partnership, Alchemy Pay will integrate Paysafe to strengthen its services for cryptocurrency exchanges, Web3 businesses, and other cryptocurrency businesses. This integration allows Alchemy Pay users to access Paysafe, Skrill, and Neteller digital wallets. It is also said to provide various local payment methods on a single integration.
According to the company, this offer is open to users in 130 countries with over 40 fiat currencies to purchase Bitcoin, Ethereum and other cryptocurrencies via Alchemy Pay’s Fiat On-ramp product. Alchemy Pay will now use Paysafe’s open banking solution in the UK and 15 European countries to allow customers to purchase cryptocurrencies directly from their bank accounts.
Alchemy Pay’s Fiat On-ramp product is planning to offer even more options, incorporating LPMs with high brand recognition in specific European markets. These additions, combined with Skrill and NETELLER’s global user base, aim to reduce transaction abandonment and payment friction.
Future Expansion Plans
Looking ahead, the second phase of the partnership, expected to launch later this year, will see Alchemy Pay integrate more Paysafe payment options in additional markets, including Latin America. This expansion aims to further simplify fiat-crypto transactions and bring the benefits of cryptocurrency to a wider global audience.
Meanwhile, Paysafe reported its first-quarter earnings in May, highlighting solid financial performance and growth in key business segments. The company reported an 8% year-over-year increase in revenue to $417.7 million, which was up 7% on a constant currency basis.
Additionally, Paysafe’s adjusted EBITDA for the period was $111.9 million, a 4% increase over the prior year. The company also reported net income of $3.1 million, a substantial expansion from a net loss of $3.8 million in the same period a year earlier.
Last year, Paysafe expanded its partnership with Visa. This partnership sought to integrate Visa network tokens, providing an alternative to traditional credit and debit card account numbers.