Skrill to release fiat-to-crypto withdrawals feature

Skrill has just announced that it will be facilitating direct withdrawals to any cryptocurrency wallet address on its integrated payments platform, Paysafe. This is indeed great news for crypto enthusiasts as the crypto market is growing substantially.  

About Skrill and Paysafe

Skrill has been in the business of developing global payment solutions for businesses and consumers since 2001. The company aims to make payments fast, simple, and secure. Paysafe is one of the payment platforms developed by the Skrill team. The platform is currently a world-leading integrated payments solutions provider with transaction volumes of over$90 billion annually. 

The company also has approximately 3,000 employees located in over 12 global locations. Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. And due to the size and age of Skrill and Paysafe, it is easy to assume that both companies are trustworthy and are capable of delivering top-notch service, and even more importantly in this day and age, a high level of security to its customer base. 

The company first launched its crypto service in early 2018, well before many other payments industry competitors began to facilitate cryptocurrency usability on their platform.

Is This in line with the Current State of the Market?

In recent weeks and months, we have seen a surge in the market adoption of cryptocurrencies. Major companies, such as Tesla, have made significant cryptocurrency acquisitions so far. Tesla even plans to start accepting Bitcoin as payment for vehicles soon.

Skrill’s CEO, Lorenzo Pellegrino, further notes this fact in a recent statement; 

“More people than ever are buying cryptocurrency as a long-term investment, particularly in light of recent institutional backing from the likes of Tesla, which has driven Bitcoin to fresh all-time highs.”

This statement alone shows that the management of Skrill is considering the impact that blockchain and cryptocurrencies may have on the payments industry and the world as time goes on, and it is clear that they are not taking it lightly.

Other services offered by Skrill

The payments guru is not just releasing a crypto withdrawal service but is also improving on existing crypto withdrawal services by allowing withdrawals to crypto wallets from over 40 different fiat currencies and other cryptocurrency holdings on the platform in Bitcoin (BTC), Bitcoin Cash (BCH), Dash, EOS, Ethereum (ETH), Ethereum Classic (ETC), Kyber, Litecoin (LTC), Tezos, Stellar, XLM. and 0x (ZRX).

In addition to the soon-to-be-released withdrawal service, Skrill operates almost like an exchange as it allows users to transfer funds from a wide scope of crypto and fiat currencies. This means that you can choose how to allocate your currency portfolio to different fiat and cryptocurrencies with ease, allowing you to make gains in both and diversify your risk across the globe. 

Lorenzo added:

“Our customers have been enjoying the interaction with both fiat currencies and digital assets through Skrill for some time. Expanding a crypto portfolio is incredibly simple with Skrill, thanks to our fiat on-ramp. The new withdrawal feature further enhances our service by enabling users to quickly and conveniently move their existing fiat balance to a crypto address of their choosing, saving them both time and money on fees.”

Meanwhile, the withdrawal service will only be available to users in the European Economic Area (EEA). But the press release from Skrill made it clear that the company plans to release the feature in the UK and other areas soon. 

Along with the withdrawal feature in new areas, Skrill also plans to add new cryptocurrency holding options to the Paysafe platform in the new feature.