Digital wallet and mobile payments operator Skrill, part of Paysafe Group, is beginning to roll out a new feature that customers can use to instantly convert one cryptocurrency into another.
Initially, customers can convert between Bitcoin and other supported coins, with future pairings are set to be added soon. The new crypto-to-crypto feature enables quicker transactions with lower fees than if done via two separate transactions. Skrill users will no longer have to convert their crypto holdings back into fiat currencies before buying another cryptocurrency.
Paysafe plans to roll out the new offering to additional markets and extend the service to its Neteller digital wallet in the near future. Paysafe’s cryptocurrency services are provided via a partner cryptocurrency exchange, which facilitates the buying and selling of digital assets and, in some cases, holds the cryptocurrencies as custodian.
Formerly known as Moneybookers, Skrill Cryptocurrency Service allows wallet users to buy and sell nine cryptocurrencies, including Bitcoin, Bitcoin Cash, Ripple, Ether, and Litecoin, using more than 40 supported fiat options.
Traditional payment provider tap into the frenzy
That strategy is expected to pay off, as it not only makes things much easier to exchange cryptocurrencies but also lessens the need to connect users with the traditional banking infrastructure.
In addition to Skrill, Paysafe’s brand portfolio now includes NETELLER and MeritCard, Paysafecard, payolution, Income Access, and FANS Entertainment. The company has enabled the crypto offering to Skrill’s wallets earlier in July 2018.
Paysafe is not the only traditional payment provider that is continuing to tap into the cryptocurrency frenzy. One of its big rivals, Square, was granted a so-called BitLicense by the New York State Department of Financial Services (NYDFS) last year, now legally operating as a money transmitter and digital currency exchange.
Lorenzo Pellegrino, CEO of Skrill, NETELLER, and Income Access at Paysafe, commented: “We know that our customers want more functionality to make it even easier for them to access and interact with cryptocurrency. Cryptocurrency is an important part of what we do in digital wallets and using our scale and vast experience of the payments industry, we’re continually enhancing our service to help our customers get the most out of the crypto ecosystem.”