Digital wallet and online payment provider NETELLER is now enabling its users to instantly buy and sell cryptocurrencies, 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.
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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 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.”