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In a stride towards global expansion Alchemy Pay, the cryptocurrency payment gateway based in Singapore, has secured its inaugural Money Transmitter License in the United States.Photo by Jametlene Reskp on Unsplash Arkansas licenseThe license, issued by the Arkansas Securities Department on September 13, enables Alchemy Pay to provide a comprehensive suite of financial services, including crypto-to-fiat transactions, within the state of Arkansas. The license was issued to Alchemy Pay, Inc., the crypto payments firm’s US entity which was first registered as a corporation in the US in October of last year.This milestone represents Alchemy Pay’s inaugural foray into the US market and demonstrates the company’s intent in terms of regulatory adherence. The Singapore-based firm now joins the ranks of authorized cryptocurrency enterprises operating in Arkansas, including industry giants like Coinbase, Jack Dorsey’s Block, MoonPay, and the bitFlyer exchange. Global expansionIn a press release published to the firm’s website on Thursday, Robert McCraken, Alchemy Pay’s Ecosystem Lead, underscored the meticulous efforts invested in securing licenses across diverse global jurisdictions, emphasizing the company’s unwavering dedication to compliance.It’s evident that the company is pursuing a strategy to globalize its market offering. Alchemy Pay has previously obtained operating licenses in strategic markets such as Indonesia and Lithuania, while it is making ongoing efforts to secure Money Transmitter Licenses in additional US states.In April it secured $10 million in funding from Singapore’s DWF Labs, with the intention of using the capital to expand its business in South Korea. The following month it enabled a rupee-denominated on-ramp using India’s UPI real-time payments system. In July it announced a collaboration with Checkout.com, enabling transactions between fiat currency and cryptocurrency over Checkout.com’s Visa and Mastercard channels.Since its establishment in 2017, Alchemy Pay has continuously worked on its mission of bridging the gap between fiat and cryptocurrency economies. The platform currently facilitates seamless transactions between traditional fiat currencies like the US dollar and leading cryptocurrencies such as Bitcoin and Ethereum. It boasts a presence in 173 countries, including Australia, Canada, Hong Kong, the United Arab Emirates (UAE), and India. The Singapore-based payments gateway has emerged as a key player in the global digital payment landscape. Cracking the US marketThis milestone in Arkansas aligns with Alchemy Pay’s broader strategy to penetrate the vast US market, delivering its services to American users and furthering its mission to harmonize fiat and cryptocurrency payments. The development closely follows Alchemy Pay’s recent strategic collaborations with global payment titans Mastercard and Visa, cementing its status as an influential contributor to the rapidly evolving digital payment sector.According to an updated version of its roadmap published in August, the company also plans to offer a digital banking service before the end of the year. That offering would enable users to open bank accounts directly through the Alchemy Pay platform once collaborations are firmly in place with EU and UK banks.The acquisition of the Money Transmitter License in Arkansas signifies a pivotal moment in Alchemy Pay’s ambitious US expansion agenda. It’s likely to be a crucial stepping stone for the firm in positioning itself as a prominent catalyst in the seamless integration of cryptocurrencies into mainstream financial systems. This achievement not only propels Alchemy Pay’s global presence but also reinforces its efforts to ensure safe, compliant, and accessible cryptocurrency-based financial services.

DDC Enterprise, a Chinese company headquartered in Hong Kong and listed on the New York Stock Exchange (NYSE), has become the latest corporation to add Bitcoin (BTC) to its balance sheet.Photo by Michael Förtsch on UnsplashInitial 21 BTC purchaseThe plant-based food products company which operates under the “DayDayCook” brand published a press release via Business Wire last Friday announcing its first Bitcoin purchase. It’s likely that there was a symbolic element to the firm’s first Bitcoin purchase, given that it bought 21 BTC while Bitcoin has a supply cap of 21 million BTC. The company completed the transaction via share exchange with an investor group, issuing 254,333 class A ordinary shares while acquiring the 21 BTC at a market price of $2,283,667. DDC outlined that it plans to make two further purchases over the coming days of 79 BTC, at which point the firm’s corporate treasury will hold 100 BTC. Targeting 5,000 BTCThe company has a much more ambitious Bitcoin accumulation plan, however. Over the course of the next three years, it is targeting the establishment of a Bitcoin treasury holding 5,000 BTC. At current market pricing, that would amount to a Bitcoin treasury of around half a billion dollars in value. In the near term, the firm is targeting the acquisition of 500 BTC by the end of this year. DDC Founder and CEO Norma Chu described the development as a “pivotal moment” in the company’s evolution. She said that this plan reflects DDC’s “confidence in Bitcoin as a store of value,” while demonstrating the firm’s interest in pursuing innovation. “We are fully committed to ensuring the success of this strategy, which aligns with our vision to drive long-term value for our shareholders,” she added. Web3 innovationAccording to a DDC website, the company has innovative plans that go beyond just a Bitcoin treasury. It plans to deepen community engagement through the use of NFT loyalty programs and immersive Web3 experiences. It also plans to leverage blockchain transparency in its efforts to build greater community engagement. The website sets out a vision whereby DDC can blend its culinary heritage with next-generation technologies.  The company suggests that real-world asset (RWA) tokenization has the potential to revolutionize consumer engagement, while offering the possibility of enabling fractional ownership of product lines. It has set out a roadmap where it outlines having established a digital platform in 2012, going on to engage in content creation and content commerce over the course of a decade.  The firm carried out an initial public offering (IPO) in 2023 and from 2025 onwards, aside from its Bitcoin treasury strategy, it plans to integrate RWA tokenization and Web3 technology into its business, while also adopting AI technologies to enhance supply chain efficiency. DDC is one of a growing list of corporations to adopt Bitcoin as a strategic asset over the course of the past 18 months. Earlier this month, another Chinese company, Nasdaq-listed Jiuzi Holdings, an electric vehicle (EV) retailer, announced that it had adopted a plan to acquire 1,000 BTC. Hong Kong-listed game developer Boyaa Interactive holds 3,350 BTC.

Crypto.com Becomes Preferred Platform for Paypal’s PYUSDIn an ever-tightening integration of conventional financial systems with the realm of cryptocurrencies, Singapore’s Crypto.com has forged a strategic alliance with PayPal and Paxos.Photo by Brett Jordan on PexelsProviding liquidity for PYUSD trading pairsAccording to a press release published by the crypto trading platform on Thursday, the alliance will fortify Crypto.com’s status as the foremost exchange platform for PayPal’s USD-pegged stablecoin, PYUSD. The implications of this collaboration extend far and wide, affecting both individual retail traders and institutional investors.With this move, the platform solidifies its position as the premier destination for managing PYUSD, boasting the most extensive global liquidity for PYUSD trading pairs. PYUSD, masterminded by digital asset solutions firm Paxos Trust Company, is a stablecoin backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents. This robust backing provides the digital asset with stability and dependability.Gathering momentumThe new stablecoin is rapidly gaining recognition and prominence, securing placements on major cryptocurrency exchanges such as Bitstamp, Coinbase, and Kraken. It also functions as a preferred payment option on platforms like BitPay and MetaMask. Most notably, the New York State Department of Financial Services has given its seal of approval to PYUSD, categorizing it under its coveted “green list” of regulated cryptocurrencies.The collaboration between Crypto.com, PayPal, and Paxos is an extension of their preexisting partnership that allowed users to fund the Crypto.com visa card using PayPal. Joe Anzures, Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, pointed towards Paxos’ status as a stablecoin issuer and emphasized the potential to connect more than 80 million Crypto.com users with cutting-edge crypto innovations while providing vital support to PayPal’s extensive global network of consumers and merchants. Anzures remarked:“Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”Importance of stablecoinsThe collaboration also shines a spotlight on the growing importance of stablecoins within the cryptocurrency ecosystem. As stablecoins continue to gain traction and become more accessible, this partnership is poised to expedite the widespread adoption of digital assets in the global financial landscape.In a related development, leading USD stablecoin issuer Circle struck up a strategic partnership earlier this month with Singapore super app Grab, with Circle’s Web3 services platform being integrated into the Grab app as part of the deal.Meanwhile, the local regulator, the Monetary Authority of Singapore (MAS), announced the outline of a new regulatory framework in respect of stablecoins in August.Crypto.com’s partnership with PayPal and Paxos represents a significant leap forward in the cryptocurrency space. The collaboration will likely boost the exchange’s reputation as a premier destination for PYUSD trading, fostering accessibility to cryptocurrencies and contributing to the ongoing convergence of traditional finance with the digital asset landscape.As stablecoins like PYUSD continue to garner regulatory approval and broader acceptance, the cryptocurrency ecosystem continues its journey toward mainstream recognition.