Skrill Extends Financial Service Range to Include Digital Asset Transactions

Leading e-wallet Skrill has become the next to implement its own buy-and-sell cryptocurrency platform, allowing their wallet holders to buy Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ethereum Classic directly through the Skrill app. With more than 30 million active users, Skrill is an e-wallet that the cryptocurrency industry has had its eye on for some time in terms of helping the buying and selling of digital assets enter the mainstream.

Skrill was founded in 2001 and for almost two decades has been attempting to define the concept of global digital transactions for both commercial and personal needs. For many years, Skrill has been known as a solely fiat currency platform, operating in over 30 different countries and allowing the transfer of over 40 fiat currencies within a matter of seconds. It has been a particularly popular e-wallet among the iGaming community; many of whom are also developing an interest in cryptocurrencies. The iGaming industry has welcomed e-wallets like Skrill with open arms given their ability to circumvent the escalating costs of payment processing with high street banks.

Why is this news big for Skrill?

Skrill’s new cryptocurrency trading service is being underpinned by an as yet unnamed crypto exchange. Nevertheless, it will be used to provide comprehensive custody services for all digital assets available through the Skrill app. Why is this a big step for the global cryptocurrency space? It means that users in countries where Skrill is supported can now buy Ethereum, Bitcoin and other fast-emerging digital assets using their local fiat currency; almost like an online cryptocurrency ATM.

If you are an existing Skrill customer, you will not be subject to additional identity verifications necessary to trade cryptocurrencies. The platform has confirmed that commission for buying and selling digital assets has been set at 3% and 1.5% respectively for EUR and USD transactions. Skrill is owned by the same parent company (Paysafe Group) as Neteller and plans are afoot for Skrill to implement the cryptocurrency trading service into the Neteller digital wallet too.

Cryptocurrency exciting and dynamic for Skrill

Skrill’s CEO, Lorenzo Pellegrino, is said to have labelled the cryptocurrency industry as “exciting and dynamic” and confirmed the e-wallet was partnering with a “recognised cryptocurrency exchange” to buy Bitcoin Cash, Litecoin and other altcoins as well as the major players like Bitcoin and Ethereum. The 2013 rebranding of Moneybookers to its current guise, Skrill, appeared to help the e-wallet cement its place within the UK market for digital money transfers and the wallet has gone from strength to strength ever since.

Already Skrill is an accepted form of payment for deposits and withdrawals from leading cryptocurrency trading platforms such as BitPanda and eToro. Skrill’s digital wallet certainly lends itself well to the crypto trading environment, particularly with those who are entirely new to buying and selling digital assets. The platform is highly intuitive and designed to make it easy for users to complete a trade using local fiat currencies within a matter of minutes. Skrill’s arrival on the cryptocurrency scene may be somewhat strategic too. It comes at a time when competitor e-wallet Stripe announced its decision to remove support for buying and selling digital assets such as Bitcoin earlier this year due to the high transaction fees incurred.

Featured image source: Flickr