Alchemy Pay, a leading global fiat-crypto payment gateway, has made significant strides through a new partnership with Yellow Card, a pan-African fintech company. The collaboration, announced on Tuesday, aims to provide on-ramp services in Africa, allowing easier conversion of traditional currencies into cryptocurrencies.

This strategic move is set to expand Alchemy Pay’s reach in the African continent, tapping into the growing Web3 market. The partnership will leverage Yellow Card’s diverse payment infrastructure, including bank transfers and mobile money options, to facilitate crypto purchases using local currencies in countries such as Botswana, Cameroon, Rwanda, South Africa, Uganda, and Zambia.

Robert McCracken, Alchemy Pay’s ecosystem lead, highlighted Yellow Card’s position at the forefront of digital payments in Africa. He emphasized that this collaboration would enable Alchemy Pay to swiftly extend its on-ramp coverage, potentially serving millions of new users in these regions.

Gillian Darko, chief of staff and director of strategy at Yellow Card, expressed enthusiasm about the partnership, noting its alignment with their mission to accelerate financial growth across Africa. The collaboration is expected to open up more avenues for seamless access to stablecoins and decentralized finance in the region.

Following the announcement, Alchemy Pay’s native token, ACH, saw a modest price increase of approximately 0.5%, trading at $0.01976 at press time. The token’s daily low and high were recorded at $0.0195 and $0.02042, respectively. This upward movement caught investor attention and aligned with the broader crypto market trend.

Data from Coinglass indicated a 5% increase in ACH’s futures open interest to $84.47 million, while derivatives volume surged by 26% to $147 million, signaling heightened investor interest in the asset.

It’s worth noting that earlier this year, Alchemy Pay launched its Web3 Digital Bank, which resulted in a 10% jump in ACH price. As Alchemy Pay continues to make strategic moves and expand its services, crypto market enthusiasts are closely monitoring the token for potential future price movements.