On July 25, 2018, London-based Skrill announced its support of four major cryptocurrencies on its popular wallet application.
Skrill’s Cryptocurrency Push
Customers can now buy and sell the cryptocurrencies using any of the 40 available fiat currency options, including USD, EUR, SGD, and NZD. The digital wallet and mobile payments facilitator was founded in 2001 as “Moneybookers,” and rebranded to Skrill in 2011.
Customers from over 30 countries can directly purchase digital assets via the Skrill platform, including UAE, Australia, and Canada.
It must be noted the update was not rolled out to U.S. and Russia, two critical digital payment markets, due to strict legislation around cryptocurrencies.
The update is the payment provider’s first step in the burgeoning cryptocurrency sector, joining a small list of other providers which now offer similar services. Interestingly, Skrill offers licensed gambling and sport betting applications in a few jurisdictions, and it remains to be seen if the addition of cryptocurrencies increases, or decreasing, the controversial recreational activities.
Lorenzo Pellegrino, the CEO of Skrill and sister-company Neteller, expressed his opinion on the newly-launched cryptocurrency feature:
“The world of cryptocurrency trading is exciting and dynamic, and our digital wallet service very much lends itself to this environment.”
Neteller to Introduce Cryptocurrencies Soon
Pellegrino added that customers would now have the ability to “easily and quickly” via Skill’s platform and fully expects the service to remain until the far future. The entrepreneur believes customers want to “experiment” with cryptocurrency but remain at a crossroads when searching for trading platforms.
However, with this development, the trading process is made “straightforward,” stated Pellegrino.
As stated in the report, customers can only trade cryptocurrencies via the Skrill application. Transfer and merchant transactions remain unavailable, but the company has plans to introduce these sub-features in the future.
Meanwhile, the parent company of Skrill, Paysafe, intends to roll out cryptocurrency services to the popular Neteller digital wallet, an e-money transfer service for customers to pay merchants and access forex trading courses.
Cover Photo by Teresita Garit on Unsplash