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March 25, 2021updated 02 Apr 2021 11:08am

Paysafe’s Skrill expands crypto offering to US with Coinbase

By Mohamed Dabo

Paysafe, a specialised payments platform, has announced that its Skrill digital wallet has expanded its cryptocurrency offering to the US in partnership with Coinbase, the digital currency platform provider.

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The deal sees Coinbase provide a new cryptocurrency white label solution to Skrill, continuing the digital wallet’s US expansion.

It will enable customers across 37 states and territories to easily buy and sell multiple cryptocurrencies.

Skrill’s crypto offering was first launched in 2018 and is already available in over 30 countries. It can now be used by consumers in Georgia, Illinois, Michigan, Ohio, Tennessee, Texas, Virginia, Washington, D.C., Washington state, and Puerto Rico, among 27 other states.

Through an integration with the Coinbase platform – an existing Skrill liquidity exchange partner in Europe – Skrill customers in these states can use the digital wallet to instantly buy and sell cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Offering a broader menu of options

Aside from the US dollar, Skrill users also have the option of using Bitcoin to buy other cryptocurrencies.

It enables quicker and more convenient transactions by allowing customers to avoid having to convert their interests back into fiat currencies.

This will result in fewer overall transactions and therefore lower related fees.

This, the first phase of Skrill’s U.S. crypto expansion – with other states expected to be added imminently – further strengthens the digital wallet’s capabilities for American consumers.

2020 Skrill milestones in the US included unveiling the Skrill Visa Prepaid Card and launching both its Skrill Money Transfer remittance solution and Skrill Knect loyalty and rewards program.

Focusing on building the crypto-economy

Lorenzo Pellegrino, CEO of Skrill, NETELLER, and Income Access at Paysafe, commented.

“US consumer interest in cryptocurrencies and cryptocurrency trading is stronger than ever. So, we’re delighted to better serve our customers’ needs by launching our Skrill crypto offering in the country in partnership with Coinbase.

“Powered by Coinbase’s sophisticated platform, our crypto offering is just Skrill’s latest US move to provide consumers with a best-in-class digital wallet.”

Brett Tejpaul, Head of Institutional Trading at Coinbase, said:

“As we focus on building the crypto-economy, we look to partner with leaders like Skrill who can white-label our turnkey solution to provide and support digital assets to their clients without having to learn the nuances of building a crypto exchange.”

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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