Paysafe Seeks US Market Expansion With Coinbase Partnership

Paysafe has sealed a partnership with cryptocurrency exchange Coinbase, as it seeks market expansion in the U.S. Paysafe owns and maintains popular digital wallet Skrill.

Skrill Digital Wallet For US Customers

According to the partnership terms, Coinbase will provide a white label solution for Skrill to aid the digital wallet’s growth in the United States. This will see customers from over 30 US states and territories trade cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin with their digital wallet.

Head of Institutional Trading at Coinbase, Brett Tejpaul, said:

“As we focus on building the crypto-economy, we look to partner with leaders like Skrill who can white-label our turnkey solution to provide and support digital assets to their clients without having to learn the nuances of building a crypto exchange.”

Following the announcement, the payments company said the expansion program would commence immediately. Skrill says it will look into strengthening its digital wallet’s features for the American consumer.

Skrill had previously launched its Skrill Visa Prepaid Card. It also brought to market Skrill Money Transfer remittance solution and Skrill Knect loyalty and rewards program.

Coinbase Adds Another Feather To Its Cap

Coinbase has had a prosperous year so far. The company, which is reportedly eyeing an initial public offering (IPO), is worth more than $100 billion.

Brain Armstrong, who is the company CEO and co-founder, has successfully navigated the crypto exchange into occupying the enviable position of being the largest Bitcoin exchange in the United States.

Rising institutional demand following crypto upsurge has seen Coinbase become the ultimate destination for companies seeking exposure to the volatile asset class.

Coinbase has high-value clients like intelligence company MicroStrategy, electric car company Tesla, and recently added Chinese tech company Meitu to its list.

Aside from giving exposure to cryptocurrencies, Coinbase has been adding many crypto projects to its platform. In a March 19 post, Coinbase announced that it was adding ADA to its platform. The announcement that quickly propelled the proof-of-stake blockchain protocol to the third position will see Coinbase facilitate buying and selling Cardano’s ADA.

The San Francisco firm also said it is preparing to build a business presence in India. The company said it would initially house IT services, including engineering, software development, and customer support.

New hires will work from home before a physical office is opened in the engineering hub of Hyderabad, subject to the covid-19 protocols.

For now, the company has not posted any vacancy on Coinbase India’s career page.