Paysafe’s Skrill Partners With Coinbase To Expand US Crypto Offering
Paysafe’s Skrill digital wallet has partnered with digital cryptocurrency platform provider Coinbase to expand its cryptocurrency offering in the US. The deal will see Coinbase provide a new white label crypto solution to Skrill, enabling customers across 37 states and territories to buy and sell multiple cryptocurrencies.
Skrill’s crypto offering, which was first launched in 2018 and is already available in over 30 countries, can now be used by consumers in Georgia, Illinois, Michigan, Ohio, Tennessee, Texas, Virginia, Washington, D.C., Washington state, and Puerto Rico, among 27 other states1. Through an integration with the Coinbase platform – an existing Skrill liquidity exchange partner in Europe – Skrill customers in these states can use the digital wallet2 to instantly buy and sell cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
The partnership also includes the use of bitcoin as a cryptocurrency, enabling quicker and more convenient transactions by allowing customers to avoid having to convert their interests back into fiat currencies. By allowing customers to avoid converting interests back into fiat currencies, the partnership also allows users to reduce their overall transaction numbers and therefore reduce overall fees.
“US 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,” said Lorenzo Pellegrino, CEO of Skrill, NETELLER, and Income Access at Paysafe. “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.”
This is the first phase of Skrill’s US crypto expansion, with additional states expected to be added in the coming months. 2020 Skrill milestones in the US included unveiling the Skrill Prepaid Card and launching both its Skrill Money Transfer remittance solution and Skrill Knect loyalty and rewards program.
“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,” said Brett Tejpaul, Head of Institutional Trading at Coinbase.