Skrill Adds Fiat-to-Cryptocurrency Trading Services to its Wallet

Online wallet and mobile payments operator, Skrill, formerly known as Moneybookers, is expanding the use of its wallet to include fiat-to-cryptocurrency trading. This comes at a time when traditional financial service providers are looking to tap into the crypto frenzy.

Cryptocurrency/Fiat Trading Available on Skrill

Skrill recently announced that it was launching a new offering to enable would-be cryptocurrency customers to get involved using its Skrill wallet. According to the announcement, supported virtual currencies are set to include Bitcoin, Bitcoin Cash, Litecoin, and Ether. The platform also supports more than 40 fiat currencies.

According to the company, the Skrill wallet will allow customers buy and sell digital coins in seconds. The service will hold cryptocurrencies on a verified partner cryptocurrency exchange, which will facilitate virtual currency trading. The service’s terms and conditions state that in some cases, these cryptocurrencies serve as custodians.

One important piece of information to note is that, according to the announcement,

“At this stage, customers will only be able to buy and sell interests in cryptocurrency and will not be able to transfer their cryptocurrency holding to other Skrill customers or use it to transact with merchants. This service will be added in the future.”

The Skrill mobile app and the NETTELLER digital wallet will also get the new virtual currency services. NETTELLER is a product of Skrill’s parent company, Paysafe.

Staking a Claim in the Market

Skrill was first known in the online gambling sector before deciding to venture into the digital currency trading market. The company plans to go beyond crypto trading and expand its services to additional markets in the next few months.

The company’s new cryptocurrency capability is extending to more than 30 countries. Some of these countries include the United Kingdom, UAE, Canada, France, Malta, Hungary, Netherlands, Australia, and Belgium. Interestingly, its key markets, Russia and the United States, are noticeably absent from the list.

Lorenzo Pellegrino, CEO of Skrill, commented on the launch of the company’s cryptocurrency service, saying,

“The world of cryptocurrency trading is exciting and dynamic, and our digital wallet service very much lends itself to this environment. I’m confident that the ability to trade in cryptocurrencies quickly and easily through Skrill will appeal to consumers both now and in the future. We know many people want to experiment with cryptocurrency trading but don’t know where to start, and we’ve made the entire process very straightforward.”

Skrill is not the only payment company to tap into the cryptocurrency frenzy. Platforms like Square and Circle are already in control of a significant portion of the market. Square, in particular, was granted a license in June to offer residents of New York the ability to trade in Bitcoin through its Cash App.

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