By adding Coinbas-based solutions to its platform, Skrill is adding another 11 US states to its list of services, allowing more users to easily buy and sell cryptocurrencies.
Integration Opens the door for Skrill Paysafe users to buy and sellcrypto-currencies directly.
In another strategic move to expand its presence in the US cryptocurrency ecosystem, Skrill has completed the acquisition of digital wallet Paysafe with Coinbase, a leading provider of digital currency platforms.
With the signing of this agreement, Skrill has a new white-label cryptocurrency solution provided by Coinbase, allowing the wallet to expand its services to 11 new US territories. This new white label solution enables Skrill to serve customers with digital wallets in Alaska, Colorado, Kansas, Kentucky, Maryland, New Hampshire, South Dakota, Tennessee, Virginia, Vermont and Wyoming.
This first step in the expansion of Skrill’s U.S. encryption, which will be extended to other states in the near future, expands the digital wallet’s capabilities for U.S. users. 2020 has been a busy year for Skrill. Achievements in the US in 2020 include the launch of the Skrill Visa prepaid card and the introduction of Skrill Money Transfer and Skrill Knect, a loyalty and rewards service.
Interest in cryptocurrencies is stronger than ever, says SkrillCEO
Coinbase, Skrill’s approved money exchange partner in Europe, integrates with the digital wallet, allowing customers in these 11 states to directly buy and sell cryptocurrencies such as bitcoin, bitcoin cash, Ethereum and Litecoin.
Lorenzo Pellegrini, CEO of Skrill, adds,
American consumers’ interest in cryptocurrencies and cryptocurrency trading is stronger than ever. Therefore, we are excited to better meet the needs of our customers by partnering with Coinbase to launch a Skrill crypto-currency offering in the country. Powered by the advanced Coinbase platform, our crypto platform is just the latest initiative by Skrill in the United States to provide consumers with a world-class digital wallet.
The rollout of Skrill’s cryptocurrency offering in the US will be gradual, with an online/web version of the product available immediately. The mobile app version will be launched in early April 2021. In addition to fiat, Skrill users can also use BTC to purchase other cryptocurrencies listed on the platform, reducing the overall transaction volume and associated fees.
With the addition of 11 new states, customers in 37 US states and territories can now use Skrill’s crypto solution. Meanwhile, Coinbase has also applied for a direct listing instead of an IPO. It is currently the largest cryptocurrency exchange in the United States, with an average daily trading volume of about $1.5 billion.
Brett Teypaul, head of institutional trading at Coinbase, commented,
With a focus on building the crypto economy, we are seeking partnerships with market leaders like Skrill, who can use our turnkey solution to deliver and support digital assets to their customers, without having to learn the intricacies of setting up a crypto exchange.
How often do you use your digital crypto-currency wallet? Let us know your comments in the section below.
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