The company obtained new money transfer licenses (MTL) in the states of Minnesota, Oklahoma, Oregon and Wyoming, bringing the total number of licenses in the US to eight. This development was made public with the announcement made by Alchemy Pay on November 8.

Alchemy Pay’s acquisition of these latest licenses comes after it obtained licenses in states such as Arkansas and Iowa in 2023. The company also obtained similar licenses in the states of New Hampshire and New Mexico.

With the new licenses, Alchemy Pay aims to provide greater access to its users by expanding the number of states in which it provides service in the USA.

Alchemy Pay’s newly acquired licenses allow the company to offer on-ramp and off-ramp services in licensed regions. Thanks to these services, users can seamlessly make transactions between the US dollar and cryptocurrencies such as Bitcoin.

“Each new license is a big step forward in making access to crypto safer and easier for users,” a spokesperson from the company said. “Our goal is to move forward by creating a solid and harmonious foundation in every licensed region,” he said.

In addition to the Ramp solution provided by Alchemy Pay, there are also virtual and physical cards that offer users the opportunity to spend crypto instantly around the world. The company also offers a crypto payment solution that allows merchants operating globally to accept crypto payments.

Alchemy Pay’s chief revenue officer, Romeo Luo, emphasized that the company aims to capitalize on the “tremendous potential” in the US crypto market by obtaining MTL licenses.

“We are proud to set high standards in a market with vast opportunities like the United States,” Luo said. “These licenses are an important step towards providing new services to our users,” he said.

Stating that the process of obtaining a money transfer license in US states is complex and time-consuming, Alchemy Pay officials stated that the licensing process can usually take from several months to a year.

A representative of the company said, “The review processes required to obtain a license vary from state to state. “These periods may be extended depending on the application processes and government approvals,” he said.

Alchemy Pay officials also evaluated how a possible change in management would affect the crypto industry after Donald Trump’s victory in the 2024 presidential elections in the USA.

Although the company anticipates that some regulations may change with the new management, it does not plan to change its strategic plans. A spokesperson for Alchemy Pay said: “We always hope for a smoother path forward, but we will continue our operations despite changes in management.”

These steps taken by Alchemy Pay to increase its presence in the US market are seen as part of the company’s efforts to expand its crypto reach globally and provide more services to its users. The company states that each new license is of great importance in providing users in the United States with easier access to crypto transactions.

Despite the growing popularity of cryptocurrencies in particular and the uncertainty of the regulatory environment in the US, Alchemy Pay aims to play a leading role in the industry by providing secure and compliant services to its users.

The new licenses allow the company to diversify the services it offers to its users while strengthening its growth strategy in the US market.