NETELLER Joins the League of Cryptocurrency Wallets, Launches in 10 Countries

Digital wallet and online payment provider NETELLER is now enabling its users to instantly buy and sell Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. Paysafe Group’s unit said it purchases and holds the cryptocurrency via “a recognised cryptocurrency exchange.”

Apart from its headquarters in the Isle of Man, the company’s new cryptocurrency capability has expanded to more than ten countries with plans to roll it out to more than 50 additional markets. The company also plans to extend the service to its mobile app.

The interesting thing here is NETELLER’s promise to allow conversion of 28 fiat currencies to virtual within its app, potentially removing the currently troublesome process of signing up on crypto exchanges, or peer-to-peer platforms, or going to a bitcoin ATM, to acquire or dispose of funds.

In addition to NETELLER, Paysafe’s brand portfolio now includes Skrill and MeritCard, Paysafecard, payolution, Income Access, and FANS Entertainment. The company has enabled the crypto offering to Skrill’s wallets earlier in July.

Cryptocurrencies Are a Hot Trend in the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Industry

Paysafe’s cryptocurrency services are provided via a partner cryptocurrency exchange which facilitates the buying and selling of cryptocurrencies and, in some cases, holds the cryptocurrencies as custodian.

Paysafe is not the only traditional payment provider that is looking to tap into the cryptocurrency frenzy. One of its big rivals, Square, was granted a so-called BitLicense by the New York State Department of Financial Services (NYDFS) in June, becoming only the ninth such firm to win approval to operate in the state. The payments company, founded and run by Twitter CEO Jack Dorsey, now legally operates as a money transmitter and digital currency exchange.

Commenting on the news, Lorenzo Pellegrino, CEO of Skrill, NETELLER and Income Access, said: “The large amount of investment in technology and overall innovation in cryptocurrency has led to the rapid evolution of this space. As cryptocurrencies are increasingly embraced by businesses and consumers alike, this is an industry where we continue to strengthen our presence. As digital finance leaders, we believe we can play a significant role here and create value for both the industry and consumers. Connecting the dots between cryptocurrencies and traditional money in an efficient and user-friendly way is needed for cryptocurrencies to gain real traction amongst consumers. At Paysafe, we are in a great position to facilitate that through our leading digital wallets and other payment products.”