Paysafe is a world-leading specialized payments platform that recently announced that a wider cryptocurrency offering in the US will now be available via a partnership with Coinbase, another digital currency platform provider. Under the deal, Coinbase is providing a new cryptocurrency white label solution to Skrill and expanding the digital wallet’s U.S. presence with the platform that allows for efficient cryptocurrency transactions to be available to customers across 37 states and territories.
Skrill first launched its crypto offering in 2018 and is currently available in more than 30 countries. Consumers in Georgia, Illinois, Michigan, Ohio, Tennessee, Texas, Virginia, Washington, D.C., Washington state, and Puerto Rico, among 27 other states now have access to the platform.
The Coinbase platform is currently an existing Skrill liquidity exchange partner in Europe and the integration will allow Skrill customers in the aforementioned states to use the digital wallet to instantly buy and sell cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
The U.S. dollar aside, Skrill users can also use Bitcoin to buy other cryptocurrencies which means faster and more efficient transactions by giving the customers the option of not converting their balance back into fiat currencies. This naturally leads to a lower number of overall transactions and fewer related fees.
The following phases of Skrill’s U.S. crypto expansion will see more states being added shortly. Skrill had an eventful 2020 in the US market including the unveiling of the Skrill Visa Prepaid Card and the launches of its Skrill Money Transfer remittance solution and Skrill Knect loyalty and rewards program.
Lorenzo Pellegrino, the 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 also commented, saying, “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.”