The goal of the Web3 Digital Bank project is to address the issues that Web3 companies have with handling international payments and fiat-to-cryptocurrency exchanges.

Alchemy claims to be able to setup and manage multiple fiat accounts with ease, manage cash flows inside an account with ease, and enable smooth conversions between fiat and cryptocurrency in a reliable, compliant manner.

The company claims that it can deliver smooth conversions between fiat and cryptocurrencies inside a single bank account by including its ramp product into its banking offerings.

Balances in USD and EUR can be instantly converted to stablecoins such as USDT and USDC at first.

According to the business: "In essence, Alchemy Pay has transformed into a true Web3 bank, expanding financial possibilities through its innovative banking system equipped with fiat-crypto conversion ramps."