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Buying Crypto in India Simplified Amid Alchemy Pay and Bitget Partnership
Alchemy Pay, a global leader in payment solutions, has collaborated with Bitget, a leading cryptocurrency exchange and Web3 company, to streamline cryptocurrency purchases for Indian users. Through Alchemy Pay’s On-Ramp integration, Bitget users can now easily utilize Indian Rupee (INR) to purchase cryptocurrencies.
This partnership aims to simplify the conversion process between fiat and crypto assets, offering unparalleled convenience and flexibility to users. Supported cryptocurrencies include USDT, Bitcoin, ETHand TRX, with multiple payment channels such as Unified Payments Interface (UPI) and IMPS (bank transfer), ensuring seamless navigation of the crypto landscape across India.
Bitget, with a vast user base of over 25 million across more than 100 countries and regions, stands out as a leading platform committed to empowering users with intelligent trading tools. Notably, its innovative copy trading feature has attracted attention. Recognizing the growing demand for crypto payment solutions in Southeast Asia, Bitget continues to expand its services, bringing localized advantages to the region. Leveraging Alchemy Pay’s on-ramp solution, Bitget has successfully addressed the needs of its user community in key Southeast Asian countries and now extends its reach to India, further improving accessibility for local users through INR support.
Alchemy Pay’s Market Penetration Strategy
Founded in 2017 and headquartered in Singapore, Alchemy Pay has prioritized offering on- and off-ramp crypto solutions, positioning itself ahead of competitors, particularly in emerging markets. With a strong focus on developing regions, Alchemy Payment has gained significant market share, particularly in Southeast Asia and Latin America. In countries like Indonesia, Philippines, Thailand and Malaysia, Alchemy Pay facilitates transactions through popular regional payment methods and bank transfers.
To make onboarding new users easier for partners like Bitget, Alchemy Pay has secured compliance licenses in multiple countries and regions around the world, underscoring its commitment to regulatory compliance and global expansion. Its recognition by major payment industry giants Visa and MasterCard further solidifies Alchemy Pay’s reputation as a trusted payment service provider.
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India’s Regulatory Landscape and CBDC Considerations
In a significant development in India’s digital asset space, RBI Governor Shaktikanta Das announced the central bank’s active consideration of making its digital currency available offline. This announcement highlights the Indian government’s proactive stance towards regulation and support for the unregulated sector.
Emphasizing the importance of offline usability similar to physical cash, Shaktikanta reiterated authorities’ efforts to ensure seamless Central Bank Digital Currency (CBDC) transfers, especially in situations where there is no internet connection available. This move underlines India’s commitment to embracing digital innovation, while addressing regulatory concerns and promoting financial inclusion.
The collaboration between Alchemy Pay and Bitget marks a significant milestone in simplifying crypto purchases for Indian users, while Alchemy Pay’s strategic market penetration and regulatory developments in India reflect the evolving landscape of digital assets in the country.
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