A press release has just been released from Skrill that talks about some interesting developments in the feature set of the company’s Paysafe platform.
Skrill, a global payments juggernaut has just announced that it will be facilitating direct withdrawals to any cryptocurrency wallet address on it’s integrated payments platform, Paysafe.
This is great news as the market for cryptocurrency is growing substantially as is total market adoption of the cryptocurrency ecosystem.
About Skrill and Paysafe
Skrill has been in the business of developing global payment solutions for businesses and consumers since 2001. The purpose of the company is to make payments fast, simple and secure.
Paysafe is one of the products in the payments industry developed by the Skrill team. The platform is a world leading integrated payments solutions provider that has transaction volumes of over $90 billion dollars annually.
The company has approximately 3,000 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world.
Sue to the size and age of Skrill and Paysafe it is easy to assume that both companies are of a trustworthy nature and are capable of delivering a high level of service, and even more importantly in this day and age, a high level of security to its customer base.
Is This a Reaction to the Current State of the Market?
In recent weeks and months we have seen a surge in the market adoption of cryptocurrencies along with the asking price for many of the major cryptocurrency pairs such as Bitcoin and Ethereum.
The surge in the price has also been acknowledged by major companies with companies such as Tesla stating that they have made significant cryptocurrency acquisitions and plan to start accepting Bitcoin as payment for vehicles in the near future.
Skrill’s CEO Lorenzo Pellegrino 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 even the top levels of management at Skrill are 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.
Skrill’s Most Recent Move
The aforementioned press release from Skrill outlines what exactly is happening in their next product iteration. The payments Giant is not just releasing a crypto withdrawal service but is also improving on existing crypto withdrawal services by allowing withdrawals to crypto wallets happen directly 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).
Skrill was a relatively early adopter of cryptocurrencies and has been leading the way in terms of creating a great experience for its customer base to use cryptocurrencies.
The company first launched it’s crypto service in early 2018, well before many other payments industry competitors made the move to facilitate cryptocurrency usability on their platform.
Along with the withdrawal service that is currently being released Skrill operates similar to an exchange as it allows users to transfer funds from a wide scope of crypto and fiat currencies between each other.
This means that you can choose how to allocate your currency portfolio to different fiat and cryptocurrencies with ease, allowing you to both make gains and diversify out your risk across the globe.
“Our customers have been enjoying the ability to interact 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 withdraw 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. ” said Lorenzo Pellegrino, CEO of Skrill.
Current State and Future Plans
The current release iteration of the withdrawal service is only to 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 in the near future.
Along with releasing the withdrawal feature in new areas Skrill also plans to add new cryptocurrency holding options to the Paysafe platform in the new feature.
Adding new cryptocurrencies will allow users to expand their holdings on the Skrill, Paysafe integrated payments platform. This will once again allow users to further diversify their holdings in cryptocurrencies but also their interest in different blockchain solutions that work on different blockchain protocols to the ones currently offered.