Digital payment giant Paysafe is expanding its cryptocurrency footprint with its foray into the US market through its digital wallet platform Skrill. This new initiative will help Skrill users in eleven states buy and sell cryptocurrencies in the US and dovetails other notable milestones as Paysafe enlarges its services ecosystem.
The US market’s rapidly increasing pace of crypto adoption presents a new opportunity for the digital wallet provider to add to its userbase, complementing the existing 30 countries it already serves in more than 40 fiat currencies.
Skrill wallet customers in Georgia, Illinois, Michigan, Ohio, Tennessee, Texas, Virginia, Washington, D.C., Washington state, and Puerto Rico, among 27 other states can now purchase Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) in US dollars via Coinbase.
This first phase of Skrill’s efforts to penetrate US markets follows other noteworthy developments unveiled by the digital wallet provider. In 2020, Skrill delivered the Skrill Visa Prepaid Card services to US consumers along with a remittance solution and a loyalty rewards initiative.
Besides helping lower the barriers for crypto newcomers by simplifying the buy and sell process, Skrill customers can also purchase other cryptocurrencies directly in Bitcoin or convert supported cryptocurrencies to Bitcoin. This is aimed at helping reduce transaction costs that typically accompany fiat conversions.
According to Lorenzo Pellegrino, CEO of Skrill:
“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.”
Coinbase, the largest US-based crypto exchange by transaction volume, will deliver liquidity for Skrill through a white-label agreement, echoing its existing relationship and cryptocurrency support for Skrill’s Europe-focused operations.
Brett Tejpaul, the Head of Institutional Trading at Coinbase, notes:
“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.”
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Source: Skrill teams up with Coinbase to provide crypto services in a multitude of U.S. states