Paysafe is adding cryptocurrency options to its Skrill digital wallet in the U.S. through a partnership with Coinbase that will allow users in most states to buy and sell multiple cryptocurrencies.
Skrill’s crypto offering initially launched in 2018 and the Coinbase white-labeled platform will now make it available in 37 U.S. states and territories.
Through the integration with Coinbase, which is an existing Skrill liquidity exchange partner in Europe, U.S. customers can instantly buy and sell bitcoin, Bitcoin Cash, Ethereum and Litecoin.
“U.S. consumer interest in cryptocurrencies and cryptocurrency trading is stronger than ever, so we’re delighted to better serve our customers’ needs,” Skrill CEO Lorenzo Pellegrino said in a Thursday press release. “Powered by Coinbase’s sophisticated platform, our crypto offering is just Skrill’s latest U.S. move to provide consumers with a best-in-class digital wallet.”
Skrill users have the option of using Bitcoin to buy other cryptocurrencies, enabling quicker convenient transactions and avoiding converting assets into traditional currencies. This will result in fewer overall transactions and therefore lower related fees, Paysafe stated.
This is the first phase of Skrill’s U.S. crypto expansion, with Paysafe expecting to add other states soon. The mobile app version will launch in early April.
“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,” Brett Tejpaul, head of institutional trading at Coinbase, said in the release.