Digital Wallet Provider Skrill Adds Fiat/Crypto Trading Services
Mobile Payments processor Skrill has recently announced that it is adding support for four cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, and Litecoin. Users can now trade these major cryptocurrencies against the 40 fiat currencies available in the Skrill wallet.
Skrill is a digital wallet and mobile payments operator. The update to its wallet marked the payment providers’ first foray into the virtual currency world. Historically, the company has been focused on poker, sports betting, and casino rooms. The platform boasts of having active users in more than 30 countries around the world.
The new crypto trading service has been made available through collaboration with an anonymous cryptocurrency exchange. This ‘unnamed’ exchange will hold the virtual currencies for Skrill customers. The process of buying or selling cryptocurrencies on the platform is not complicated. Once users have logged into their accounts, they only need to select ‘exchange’, followed by a few more clicks to buy, hold and sell digital assets.
In the next few months, the company plans to increase the service to additional markets. It will also add the crypto capabilities to its mobile app and the NETTELLER digital wallet. NETTELLER is a product from its parent company Paysafe.
Commenting on the launch of the new crypto feature, Lorenzo Pellegrino, CEO of Skrill and NETELLER said: “I’m confident that the ability to trade in cryptocurrencies quickly and easily through Skrill will appeal to consumers both now and in the future. We know many people want to experiment with cryptocurrency trading but don’t know where to start and we’ve made the entire process very straightforward.”
According to the statement, at the moment customers can only buy and sell interests in cryptocurrencies. They can’t transfer their cryptocurrency holdings to other customers of Skrill or use it for transactions with merchants. Customers can expect this feature in the future. However, the wallet does allow you to upload funds in numerous payment options and currencies.
Many payment service providers are diving into the cryptocurrency ecosystem. For instance, Robinhood’s commission-free trading app has been expanding its service in the United States. Another platform, Square’s Cash app has already begun offering crypto buy and sell services to its customers.