Paysafe has sealed a partnership with a cryptocurrency exchange, Coinbase, as it seeks market expansion in the U.S. And on that note, Paysafe-owned popular digital wallet, Skrill, will be made available for U.S customers.
According to the partnership terms, Coinbase will provide a white label solution for Skrill to aid the digital wallet’s growth in the United States. This will cover customers from over 30 U.S states and territories that trade cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin with their digital wallet. Skrill has also added an option to enable customers to buy altcoins with Bitcoins on Its platform.
The Head of Institutional Trading at Coinbase, Brett Tejpaul, said:
“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.”
Following the announcement, the payments company said the expansion program would commence immediately. Skrill has also resolved to strengthen its digital wallet’s features for the American consumer. Meanwhile, Skrill had previously launched its Skrill Visa Prepaid Card, brought the Skrill Money Transfer remittance solution, and Skrill Knect loyalty and rewards program.
Coinbase’s partnership with Paysafe will boost crypto adoption
Coinbase has had a prosperous year so far. The company, which is reportedly eyeing an initial public offering (IPO), is currently worth more than $100 billion. The CEO and co-founder of Coinbase, Brian Armstrong, has successfully navigated the crypto exchange into being the largest Bitcoin exchange in the United States. Rising institutional demand following crypto upsurge has also helped Coinbase become the ultimate option for companies seeking exposure to the volatile asset class.
Coinbase has high-end clients like MicroStrategy, Tesla and recently added Chinese tech company, Meitu, to its list. Aside from giving exposure to cryptocurrencies, Coinbase has been many crypto projects on its platform. On March 19, Coinbase announced that it was adding ADA to its platform. The announcement—which propelled the proof-of-stake blockchain protocol to the third position—will enable Coinbase to facilitate buying and selling of Cardano’s ADA.
Coinbase believes that this partnership with Paysafe will further help them expand the U.S market, provide user-friendly crypto services for customers, and push for crypto adoption.
The company also said it is preparing to build a business presence in India. It plans to host IT services, including engineering, software development, and customer support. New hires will work from home before a physical office is opened in the engineering hub of Hyderabad, subject to the Covid-19 protocols. However, the company is yet to post any vacancy on Coinbase India’s career page.