Mastercard has partnered with Alchemy Pay to combat identity fraud in crypto payments. Announced on July 11, the collaboration aims to enhance user verification using Mastercard’s machine learning solutions.
Founded in 2017, Alchemy Pay has secured licenses in the US, Canada, and the UK, among others. The firm recently raised $10 million at a $400 million valuation, reflecting its growth in the crypto sector.
The standout feature is the integration of advanced machine learning to authenticate genuine users and reduce fraud. Alchemy Pay supports over 300 payment channels, including credit cards and mobile wallets.
Mastercard’s involvement in developing distributed ledger technology with U.S. banks highlights its commitment to enhancing cross-border payment efficiency.
This partnership underscores the strategic importance of secure and efficient crypto transactions in the global financial ecosystem.
