Paysafe’s Skrill Expands Crypto Offering

Paysafe, a leading specialized payments platform, announced last week that that its Skrill digital wallet has expanded its cryptocurrency offering to the U.S. in partnership with Coinbase.

Paysafe’s Skrill Expands Crypto Offering

Specialized payments platform Paysafe announced last week that that its Skrill digital wallet has expanded its cryptocurrency offering to the U.S. in partnership with Coinbase, the digital currency platform provider.

The deal sees Coinbase provide a new cryptocurrency white label solution to Skrill, continuing the digital wallet’s U.S. expansion by enabling customers across 37 states and territories to easily buy and sell multiple cryptocurrencies.

Skrill’s crypto offering, which was first launched in 2018 and is already available in over 30 countries, 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 wallet2 to instantly buy and sell cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Aside from the U.S. dollar, Skrill users also have the option of using Bitcoin to buy other cryptocurrencies, enabling 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 is the first phase of Skrill’s U.S. crypto expansion, with other states expected to be added soon. According to the company, it further strengthens the digital wallet’s capabilities for American consumers. In 2020, Skrill milestones in the U.S. included unveiling the Skrill Visa Prepaid Card and launching both its Skrill Money Transfer remittance solution and Skrill Knect loyalty and rewards program.

Lorenzo Pellegrino, CEO of Skrill, Neteller and Income Access at Paysafe, said: “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. Powered by Coinbase’s sophisticated platform, our crypto offering is just Skrill’s latest U.S. move to provide consumers with a best-in-class digital wallet.”

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.”