Mastercard partners with crypto gateway Alchemy Pay to prevent identity fraud

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As a seasoned crypto investor with a keen interest in the latest developments within the industry, I’m thrilled to see Mastercard’s collaboration with Alchemy Pay. This partnership is a significant step forward in addressing identity fraud and malicious activities within the crypto payment sector.

Mastercard, a leading company in international transactions, has joined forces with Alchemy Pay, a blockchain service provider, to tackle identity deceit and curb harmful actions.

Alchemy Pay, a company that facilitates transactions between fiat money and cryptocurrencies through its payment gateway, has teamed up with Mastercard to strengthen user authentication and minimize fraud during the sign-up procedure.

In a blog post on July 11, the cryptocurrency company based in Singapore revealed that they have partnered with Mastercard. This collaboration enables the crypto firm to implement Mastercard’s sophisticated machine learning technology for account opening. By doing so, they can effectively identify legitimate users while minimizing fraudulent transactions.

With the help of Mastercard, Alchemy Pay is able to assess users’ risk levels and direct them through appropriate processes accordingly.

Alchemy Pay

As a crypto investor, I’m excited to share that Alchemy Pay, founded in 2017, has achieved significant milestones in the payment sector. The company has been granted Authorized Payment Institution licenses in several countries, including the US, Canada, Indonesia, and Lithuania. Most recently, they have secured a license in the UK, which underscores their growing expertise in crypto payments.

Back in April 2023, I was fortunate enough to secure a $10 million investment from market maker DWF Labs at a valuation of $400 million for my crypto venture, Alchemy Pay. Not only have we partnered with industry giants like Mastercard, but we’ve also collaborated with Visa and other notable entities in the sector. Our platform caters to over 300 diverse payment channels, encompassing traditional credit cards and mobile wallets alike.

Around the beginning of May, Mastercard teamed up with major American banks to explore the utilization of distributed ledger technology for banking transactions via tokenization. According to crypto.news, this collaborative project entails experimenting with a regulated settlement network called RSN. The ultimate objective is to streamline cross-border payments and reduce potential errors and fraud risks.

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2024-07-11 14:30