Paysafe and Alchemy Pay team up to boost crypto payments | bobsguide

Paysafe, a global payments platform, has announced a new strategic partnership with Alchemy Pay, a leading fiat-crypto payment solution provider. This collaboration aims to integrate Paysafe’s extensive suite of payment products, including the popular Skrill and NETELLER digital wallets, with Alchemy Pay’s Fiat On-ramp solution.

This integration will enable users across 130 countries to utilise over 40 fiat currencies to purchase cryptocurrencies such as Bitcoin and Ethereum.

Micah Kershner, SVP of Crypto & Digital Assets at Paysafe, expressed his enthusiasm, stating, “We’re delighted to partner with Alchemy Pay, which like Paysafe has a global footprint. The Skrill and NETELLER wallets’ large user-base and popularity among crypto holders along with integration of local payment methods will power Alchemy Pay’s Fiat On-ramp with more payment options. We’re confident this partnership will enhance the payment experience for crypto exchanges and Web3 companies served by Alchemy Pay, driving their future growth.”

The first phase of this partnership focuses on strengthening Alchemy Pay’s services for crypto exchanges, Web3 companies, and other crypto businesses. By integrating Paysafe’s digital wallets and multiple third-party local payment methods (LPMs), Alchemy Pay aims to reduce transaction abandonment and payment friction, thereby enhancing the overall user experience.

This integration also leverages Paysafe’s open banking solution in the UK and 15 European countries, allowing customers to purchase crypto directly from their bank accounts.

Robert McCracken, Ecosystem Lead at Alchemy Pay, highlighted the importance of this collaboration, stating, “At Alchemy Pay, we believe easy fiat-crypto onboarding is key to unlocking the true potential of crypto. Partnering with Paysafe streamlines this process for our users and opens the door to a wider audience, particularly in European countries.”

Looking ahead, the second phase of the partnership, expected to roll out later this year, will see Alchemy Pay integrating more Paysafe payment options in additional markets, including Latin America. This expansion aims to further streamline fiat-crypto transactions and bring the benefits of crypto to a larger global audience.

This partnership is poised to significantly enhance the payment experience for crypto exchanges and Web3 companies served by Alchemy Pay, driving their future growth.

As McCracken noted, “We’re excited to leverage Paysafe’s expertise to expand into other promising markets like Latin America, bringing the benefits of crypto to an even larger global community.”

In May, Paysafe reported its first-quarter earnings, demonstrating strong financial performance and growth across key business segments. The company achieved an 8% year-over-year increase in revenue, reaching $417.7 million, which expanded by 7% on a constant currency basis.

Paysafe’s adjusted EBITDA for the period was $111.9 million, marking a 4% increase from the previous year. The firm also recorded a net income of $3.1 million, a significant expansion from a net loss of $3.8 million in the same period the prior year.

Paysafe extended its partnership with Visa last year, aiming to integrate Visa network tokens as an alternative to traditional credit and debit card account numbers.