Singapore-based fiat-crypto payments firm Alchemy Pay has unveiled a Web3 digital banking platform for enterprises.
The Web3 Digital Bank initiative is designed to solve the problems that Web3 firms face in managing cross-border payments and transactions between fiat and crypto currencies.
Alchemy says it will provide a compliant, easy, and reliable means to open and operate multi-fiat accounts, streamline cash flows within a single account, and facilitate seamless conversions between fiat and cryptocurrency.
The firm says that by integrating its ramp product into its banking offerings it can provide seamless conversions between fiat and cryptocurrencies within a single bank account.
Initially EUR and USD balances within an account can be instantly transferred to stablecoins like USDT and USDC.
Says the company: “In essence, Alchemy Pay has transformed into a true Web3 bank, expanding financial possibilities through its innovative banking system equipped with fiat-crypto conversion ramps.”
Read More: Alchemy Pay preps Web3 digital banking