By
Bena Ilyas
April 25th, 2024
Skrill digital wallet users in the selected states can now purchase Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through Coinbase.
Paysafe Group Limited subsidiary Skrill digital wallet has partnered with Coinbase to venture into the United States crypto market. Through the partnership, Skrill digital wallet customers across 37 states and territories can now access the crypto market through the Coinbase cryptocurrency exchange.
Paysafe through Skrill has taken notable steps to venture into the United States market. Mind you, the company is responding to increased demand in digital payments fueled by the ongoing coronavirus pandemic.
Skrill and Coinbase Partnership
In a statement through the press release, Lorenzo Pellegrino, CEO of Skrill, NETELLER, and Income Access at Paysafe, said that the partnership is in line with the company’s agenda to offer the best crypto services to its customers.
“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. 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,” Pellegrino noted.
On the other hand, Brett Tejpaul, Head of Institutional Trading at Coinbase, said that the company will work closely with Skrill to offer the best trading solution for the crypto customers, explaining:
“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.”
Bigger Picture
Skrill digital wallet users in the selected states can now purchase Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through Coinbase supported API. Furthermore, Skrill digital wallet users can use Bitcoin as a base currency to purchase other digital assets. This feature was added to cater to the fast processing of trades as the company has ready liquidity to offer swap capabilities.
The deal cements Skrill’s entry into the American market after launching several products last year. As coronavirus took center stage in 2020, Skrill launched Skrill VisaPrepaid Card, Skrill Money Transfer remittance solution, and Skrill Knect loyalty together with the rewards program.
Consequently, Skrill through its tight KYC feature expects to win more states as it adheres to strict regulations. However, there is huge competition in the digital payment industry, particularly in the crypto market. Skrill is expected to compete with the likes of Ledger, a Binance-backed Trust wallet that has proved their trust in the market. Moreover, Paysafe’s closest competitor PayPal Inc. (NASDAQ: PYPL) also introduced cryptocurrency services to its millions of customers across the globe.
The partnership with Coinbase is expected to bolster the company’s trust amongst crypto investors in the United States.