Paysafe To Open Skrill Fiat To Cryptocurrency Trading Exchange Service

There’s a new kid on the block—UK’s Paysafe has ventured into the crypto space, launching its first ever fiat-to-crypto exchange service.

This is now effective through its Skrill branch. Through the new service, the UK-based company offering digital payment services seeks to give users the option of buying or selling four of the mainstream cryptocurrencies by market cap. Users will be able to buy or sell the virtual currencies using a variety of fiat currencies and through “over 100 deposit methods.”

Skrill’s Startling Announcement

On Tuesday, Skrill made a rather startling declaration on its Twitter page and pledged to reveal details soon. Skrill, which is Paysafe’s subsidiary network, is the second largest provider of digital payment services after PayPal. It focuses on sports betting, casino rooms, and poker games.

According to information published on its website, it is confirmed that new and existing Skrill users can now utilize the fiat-to-crypto service. This already gives them the green light to buy or sell interests in cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) using US dollars, Euros, and thirty-eight other virtual currencies. The four major cryptocurrencies are the ones offered by the US-based crypto exchange platform Coinbase. However, Skrill plans to add more virtual coins to its list in the “near future,” as Coinbase plans to do the same.

Available In 36 Countries

The popular Skrill Cryptocurrency Service is already available in 36 countries worldwide including Canada, UK, Australia, the UAE, South Africa, and most European countries. Skrill is also available in the Latin American region including Brazil, Mexico, and Colombia. The company seeks to expand its network, saying that the list “is subject to change.”

Exchange rates

The fee at Skrill crypto exchange stands at 1.5% for buying and selling crypto coins using the dollar or Euro. For the remaining thirty-eight fiat currencies that are supported, the fee rises to 3%.

Regarding the exchange rates, the company states:

“Our rates are very competitive by comparison to the average market rates on the major cryptocurrency exchanges.”

Skrill has been operational since 2001. With headquarters in London, the company is owned by Paysafe, which is a globally recognized payment-processing provider. Paysafe boasts nearly 1600 employees and revenue turnover of more than one billion dollars annually. In 2017, a consortium of US Private Equity Funds acquired the company for three billion sterling pounds, which amounts to 3.9 billion US dollars. The consortium is managed by Blackstone and CVC Capital Partners.

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