Paysafe’s flagship digital wallet solution, Skrill, will cater to US crypto enthusiasts who seek to buy and sell supported cryptos in fiat currencies and Bitcoin.
Selected US Customers Can Now Hold Cryptocurrencies Through A Coinbase-Powered Solution
Paysafe’s digital wallet solution, Skrill, has increased its global footprint further into the US with a new reach of 37 states. The move will see the leading crypto exchange platform, Coinbase, provide a new white-label solution to Skrill, enabling its users to easily buy and sell cryptocurrencies in fewer transactions and lower fees.
Skrill’s crypto offerings can now be used by US residents in Alabama, Arkansas, Colorado, Connecticut, Delaware, Georgia, Idaho, Illinois, Kansas, Kentucky and others. This is the first stage of the digital wallet’s US expansion, with other states expected to be added soon.
As cryptocurrency trading goes mainstream, the US expansion has come at the perfect time, says Skrill CEO Lorenzo Pellegrino: “U.S. 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.”
Skrill users will benefit from Coinbase’s globally trusted trading platform, which boasts over 43 million verified users and $455B+ total trading volume. The US partnership mirrors its European relationship, where Coinbase already delivers liquidity for Skrill’s digital wallet solution.
This agreement allows Skrill to leverage the Coinbase platform without the time-and cost-consuming difficulties of developing its own exchange. It also helps Coinbase cement its position as the leading name in cryptocurrency trading and build the global crypto-economy.
Brett Tejpaul, Head of Institutional Trading at Coinbase, commented:
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.
Multiple Currencies Allows For Quicker Transactions And Lower Fees
Along with the power and simplicity of Coinbase’s platform, Skrill customers can enjoy the option of using Bitcoin to buy other cryptocurrencies. On some trading platforms, users have to convert cryptocurrencies back into fiat currencies to make another purchase, resulting in higher fees. By using Bitcoin or US dollars to buy a cryptocurrency, Skrill users have more control over their trades, resulting in fewer overall transactions and lower related fees.
First launched in 2001, Skrill has both personal and business customers in over 30 countries. 2020’s notable milestones included Skrill unveiling the Skrill Visa® Prepaid Card, the launch of Skrill Money Transfer remittance offering, and Skrill Knect, the platform’s loyalty and rewards program.