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Skrill Adds Option To Buy Altcoins with Bitcoins on Its Platform

Skrill Adds Option To Buy Altcoins with Bitcoins on Its Platform 1

Skrill, one of the world’s largest global payment providers, has recently announced that it would be adding a new feature to its wallet. This feature adds the ability for wallet holders to buy all available forms of cryptocurrency directly through the use of Bitcoins. The move effectively eliminates the need for fiat-to-crypto conversions to take place in order to make a purchase. Along with the Skrill wallets being capable, the company made it clear that a feature similar to this will be added to the NETELLER wallet within a few months.

Another Step For Crypto

Skrill, a payment platform owned by Paysafe, had launched its cryptocurrency services back in July of last year. The exchange, based in London, allowed its customers to buy holdings in a wide array of cryptocurrencies. Users are capable of buying these holdings through local fiats. The primary forms of crypto available to Skrill users are Ether, Bitcoin, XRP, and Litecoin, as well as the more obscure forms like Ethereum Classic and ox. Before the crypto-to-crypto transactions were enabled, users were forced to sell their holdings, convert it to fiat, then use that fiat to buy crypto.

A clear disadvantage of this service was the fact that users didn’t directly own their various forms of crypto. Instead, all the crypto a customer owns was kept in a pooled account.

Lorenzo: Crypto Is Important for Skrill

Lorenzo Pellegrino, CEO of Skrill, acknowledged that the crypto aspect of the company was a crucial part of their business. Thus, the company wants to make the process of interacting with new types of assets as easy as possible. Pellegrino stated that Skrill was making use of its high levels of experience as well as its large scale in order to enhance its service continuously. Pellegrino said the purpose of these improvements was to enable Skrill’s customers to make the most out of the cryptocurrency ecosystem.

Skrill Adds Option To Buy Altcoins with Bitcoins on Its Platform

With this new move, it won’t be a surprise if the payment platform started to unveil new forms of supported crypto. It’s a logical move with the new step into streamlining crypto users’ experience.

The Competitor

Paypal, Skrill’s primary competitor, has recently come into news due to its CEO, Dan Schulman, revealing that he owned Bitcoin. He also stipulated that he only owned Bitcoin, showing his choice of sides in the uncanny cultural divide that the crypto industry suffers from. Paypal has made it clear that it plans to get into crypto, but not much else was allowed to be divulged due to a possible advantage for the competition.

Paypal’s former CFO, Roelof Botha, was actually “fired as a customer” due to unknown reasons. When the announcement was made, users on Twitter started to suspect that Botha had held Bitcoin. Banks across the world are taking severely anti-crypto stances in many cases, refusing to service businesses that operate with crypto for the most part.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.