Paysafe Group, a provider of digital payments and solutions, has onboarded US-based exchange Kraken to participate in its network of cryptocurrency liquidity providers.
This collaboration backs Paysafe’s own crypto buy and sell services where Skrill and Neteller clients can buy, sell, and spend crypto-assets through their accounts. With Kraken providing much of the liquidity, as well as acting as an exclusive liquidity provider for certain crypto assets, Paysafe customers benefit from quicker and more efficient transactions.
Kraken has recently joined the Silvergate Exchange Network (SEN), developed by crypto-friendly lender Silvergate Bank, to enable its customers to deposit and withdraw US dollars from their bank accounts with no fees.
“For Kraken, the announcement attests to the strength of our global liquidity, now powering more than 150 real-time markets for the buying and selling of crypto assets and traditional currencies,” the crypto exchange said in a statement.
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Digital wallet and mobile payments operator Skrill, part of Paysafe Group, has also enabled an instant crypto-to-crypto feature, which allows for lower fees than if done via two separate transactions. Skrill users are no longer have to convert their crypto holdings back into fiat currencies before buying another cryptocurrency.
Given the crowded pipeline of crypto investors, as well as the emerging appetite from millennials, there is a pressing need to create liquidity pools and B2B solutions for crypto-related payments. Further, one of the main obstacles for payment providers in properly entering the crypto realm is obtaining a precise source of price feeds, which is even more challenging considering that various exchanges are constantly offering major discrepancies in real-time quotes.
Paysafe plans to roll out the new offering to additional markets and extend the service to its Neteller digital wallet in the near future. Paysafe’s cryptocurrency services will remain provided via a partner cryptocurrency exchange, which facilitates the buying and selling of digital assets and acts as secure custodians for the cryptocurrency.
“We’re delighted to be collaborating with Kraken, as we continue our journey of delivering industry-leading, frictionless crypto-asset trading services to our Skrill and NETELLER users,” said Daniel Kornitzer, Paysafe’s Chief Business Development Officer.