Paysafe’s Neteller Wallet Now Provides Instant Fiat to Cryptocurrency Conversion
The online payment provider Neteller is now allowing users to buy and seel virtual currencies. Users on the platform will have the possibility to purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC) and Litecoin (LTC).
The company will be expanded these services to more than 10 countries and plans to launch it also in more than 50 markets around the world. Its mobile applications would also be updated in the future to support the latest services.
Neteller will allow conversion of 28 different fiat currencies to cryptocurrencies. This would allow removing the troublesome process of using an exchange or going to a bitcoin ATM.
Paysafe’s brand portfolio includes Skrill, Merit Card, Paysafecard, payolution, Income Access and FANS Entertainment. The cryptocurrency services provided by Paysafe are provided by a cryptocurrency exchange that facilitates the buying and selling of virtual currencies. Additionally, this exchange works also as a custodian.
There are many different companies that are entering the crypto market. Square, one of the biggest rivals of Paysafe, was granted a BitLicense by the New York State Department of Financial Services (NYDFS). The company was founded by Twitter’s CEO Jack Dorsey.
Lorenzo Pellegrino, CEO of Skrill, Neteller and Income Access said on the matter:
“The large amount of investment in technology and overall innovation in cryptocurrency has led to the rapid evolution of this space. As cryptocurrencies are increasingly embraced by businesses and consumers alike, this is an industry where we continue to strengthen our presence.”
He has also said that as they are financial leaders, they need to create value for both the industry and consumers. Moreover, as virtual currencies need to gain real traction amongst consumers, connecting the traditional financial industry with cryptocurrencies is a key step.
“At Paysafe, we are in a great position to facilitate that through our leading digital wallets and other payment products,” he mentioned.