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Skrill to Allow Withdrawals Direct to Crypto Wallets

| Updated
by Julia Sakovich · 5 min read
Skrill to Allow Withdrawals Direct to Crypto Wallets
Photo: Skrill

Not only does Skrill plan to launch the feature in different economic areas, but the company is also in the planning and execution process of adding additional cryptocurrencies to its Paysafe platform in the near future.

There is great news hitting the cryptocurrency and blockchain marketplace today as a major player in the payments industry is making everyone’s life easier and allowing users to withdraw funds directly to a cryptocurrency wallet address.

Skrill, a global payments provider, is allowing this feature to take place on their global digital payments integrated platform Paysafe.

This is a phenomenal step in the right direction for cryptocurrency as it will undoubtedly mean more adoption from retail users of cryptocurrencies on the Paysafe platform. Having this feature in place takes the world one step closer to using cryptocurrencies as a normal and socially accepted means of payment. We would expect this to happen on both sides as the Skrill Paysafe platform has been predominantly fiat currency focused up until this point so when this new cryptocurrency feature is added it will mean that different wallets, distributed across different applications, exchanges, websites and platforms can be easier integrated.

This integration will come as a direct result of users being able to withdraw directly to cryptocurrency wallets as many platforms and exchanges out there currently host their own hot and cold wallets for users, meaning the user can store cryptocurrency on that platform or exchange. Furthermore, users of cryptocurrencies may be more prone to using Skrill’s integrated platform, Paysafe, as it now means they can withdraw their capital in a much easier and more fluid manner.

Details of the Update

For the first time, users won’t even have to convert their fiat to crypto before withdrawing from the Paysafe platform. Not only is Skrill allowing users to withdraw to cryptocurrency wallets but they have also made the entire process that one bit easier by ensuring that a user can withdraw fiat money directly.

This may seem like a small additional feature relative to the ability to withdraw directly but many companies in the payments industry have not yet caught on that this can revolutionize the user experience and process of withdrawing to a cryptocurrency wallet. Think of it in terms of a process flow map. The majority of payments providers that offer crypto and allow you to withdraw firstly require you to exchange your funds into that particular cryptocurrency, which is step one. The second step is to go to withdrawals and request a withdrawal directly from the cryptocurrency value held in the account to the cryptocurrency wallet. The Paysafe integrated platform has reduced these two steps down to one step and allows the conversion of fiat currency to cryptocurrency take place at the moment of withdrawal.

This is a big move as the two steps of a conventional payment provider, although only being two steps, usually has a much more convoluted user journey that requires a complex level of clicks between different user interfaces to complete the first step of converting from fiat to crypto before the second step can even take place.

This feature that allows cryptocurrency withdrawals directly from fiat currencies will save a lot of time and headaches to many stakeholders in the cryptocurrency industry.

Where Is the Feature Live

Unfortunately the direct to crypto wallet feature isn’t going to be rolled out across the globe immediately, instead Skrill is planning a phased release on the Paysafe integrated platform. As it currently stands the fiat direct to a crypto wallet feature will only be available in European Economic Area (EEA) countries. This undoubtedly is a big area but it is disappointing for users of skrill in other areas that the feature will not be available yet. Skrill management has indicated however that they do plan to launch the crypto wallet withdrawals feature in the UK and elsewhere in the near future so hopefully, the rest of the world won’t be waiting too long.

It seems the feature will be one that is hugely beneficial for all Skrill users with an interest in cryptocurrencies and it is undoubtedly true that the entire world has individuals who fall into this category so we’re sure Skrill will have recognized this fact and have made provisions for it.

There is currently no timeline for release in the UK and elsewhere but as Skrill has indicated it will be in the near future we can expect more news to be coming out about the additional release regions very soon.

Future Outlook for Paysafe and Skrill

Not only does Skrill plan to launch the feature in different economic areas, but the company is also in the planning and execution process of adding additional cryptocurrencies to its Paysafe platform in the near future. What this will mean is Skrill may become the go-to place for users that are looking to live a life that integrates cryptocurrencies into the day-to-day way of being. Perhaps Skrill and Paysafe may even become the new norm of payment processing for the throve of die-hard crypto enthusiasts that are gradually taking over the world.

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