The CEO of Alchemy Pay announced at the Blockchain Infrastructure Alliance’s (BIA) inaugural dinner that they are developing a virtual cryptocurrency-connected Visa card.
The event took place on October 27th at the Waldorf Astoria Shanghai and was co-hosted by Alchemy Pay, Polygon Network, Draper Dragon, NEAR Protocol and Bit.Store.
The news about the virtual card was released by Alchemy Pay CEO John Tan as he also highlighted the company’s achievements.
Alchemy Pay’s virtual cryptocurrency-connected Visa card
Alchemy Pay’s virtual crypto-connected Visa card will connect to most digital wallets, including PayPal and Google Pay, and should support over 40 cryptocurrencies.
Alchemy Pay intends to make the cards available to millions of merchants, including those using the Visa and Mastercard networks. They can also be used on e-commerce platforms such as Amazon and eBay.
However, each virtual cardholder will be required to deposit 360,000 ACH tokens, which will be redeemed when the cards expire.
Six well-known NFT artists contracted by Alchemy Pay will help design the virtual card’s face.
Other issues discussed during the BIA event
The main purpose of hosting the dinner was to celebrate the new alliance as Alchemy Pay and its partners seek to drive the blockchain industry forward.
The event was attended by hundreds of blockchain industry luminaries and leaders. Some of the companies represented included Mastercard, Alipay, Binance, Tencent, OKEx, Huobi, NEO and NEAR to name a few.
Jon Tan delivered the opening speech, during which he introduced the Alchemy Pay ecosystem and commented on the future of BIA. He highlighted how Alchemy Pay’s network has grown in about two years.
Currently, Alchemy Pay has more than 150 core nodes, which include the DeFi protocol, cryptocurrency exchanges, banks, remittance partners and merchant networks, among others.
Alchemy Pay has also grown to cover more than 200 payment channels in over 60 countries in different parts of the world.
Alchemy Pay’s utility token, ACH
The ACH token is currently listed on most of the world’s leading cryptocurrency exchanges, including Coinbase, Huobi, POLONIEX, Gate.io, Uniswap, and Changelly.
As the Alchemy Pay community continues to grow and also as the use cases of the platform increase, the value of ACH has risen by over 150%.
Alchemy Pay’s ACH tokens and services can now be used for everyday activities such as in-store shopping, grocery shopping, and booking hotel stays. Users can also trade cryptocurrencies through the platform and using ACH tokens, and can also make DeFi investments.