Alchemy Pay, which offers fiat-cryptocurrency gateway solutions, has forged an alliance with fintech firm Nium to expand its market reach globally.

The tie-up will see Alchemy Pay leveraging Nium’s global coverage to pay out funds to its clients across more than 190 countries and territories with ‘improved speed, cost, and coverage’.

Furthermore, Alchemy Pay will benefit from Nium’s licenses in 11 key financial markets, including the UK, USA, Europe, Hong Kong, Australia and Singapore.

Commenting on the collaboration, Alchemy Pay CEO John Tan said: “Nium allows us to provide crypto and fiat acceptance at even more competitive prices and tap into lucrative new markets where we know there is serious demand. This is a huge step forward for us – our network now has more global coverage and is more attractive than ever.”

Alchemy Pay’s hybrid crypto-fiat payment system enables its merchant partners to accept popular cryptocurrencies in offline and online payments at a low cost. It also facilitates the instant conversion to merchant’s local fiat currency in near-time.

Additionally, this system allows merchants and businesses to accept fiat payments via e-wallets and credit cards.

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The network is supported by ACH, an incentivising utility token that runs on the Ethereum blockchain.

Alchemy Pay last year integrated its fiat payment channels with blockchain networks Polygon, Avalanche, and NEAR to bridge the gap between crypto and fiat economies.

These integrations allow its users to bypass several barriers to crypto ecosystems directly with fiat payment standards such as Mastercard, Visa, and Paypal.

In November 2021, Japanese payments firm Queen Bee Capital teamed up with Nium to expand the international transfer service for its corporate and individual customers in Japan.