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Skrill Joins the League of Cryptocurrency Trading Services

Skrill has become the latest member of the rapidly expanding cryptocurrency trading platform market. The company recently announced that it was extending the use of its Skrill wallet to involve cryptocurrency trading services. This development, according to the company, will aid its customers to navigate their way through the maze of cryptocurrency trading.

Buy and Sell Cryptocurrency on Skrill

On Wednesday, July 25, 2018, Skrill, an online wallet, and mobile payments operator announced that it was now into crypto trading, as its customers can now get involved with buying and selling cryptocurrencies using the Skrill wallet. This includes trading in Bitcoin, Ether, Bitcoin Cash, and Litecoin.  The platform also supports more than 40 fiat currencies.

Before entering the virtual currency trading market, Skrill was mostly focused on the online gambling niche. The company, however, is not stopping at crypto trading, as it plans to increase the service to additional markets in the next few months. It also plans to add the crypto capabilities to its mobile app and the NETTELLER digital wallet. NETTELLER is a product of its parent company, Paysafe.

Available in Over 30 Countries

Apart from its headquarters in the United Kingdom, the company’s new cryptocurrency capability has expanded to more than 30 countries. These places include the UAE, Australia, and Canada. However, some of its key markets including Russia and the United States, are yet to be updated.

Speaking on the launch of the company’s cryptocurrency service, Skrill CEO, Lorenzo Pellegrino, said:

The world of cryptocurrency trading is exciting and dynamic, and our digital wallet service very much lends itself to this environment. I’m confident that the ability to trade in cryptocurrencies quickly and easily through Skrill will appeal to consumers both now and in the future. We know many people want to experiment with cryptocurrency trading but don’t know where to start, and we’ve made the entire process very straightforward.

According to Pellegrino’s statement, customers will be restricted to buying and selling cryptocurrencies. The platform hasn’t launched any feature to allow transfer of virtual coins between wallets as well carrying out online purchases via its payment gateway using crypto coins. However, the company promises that such upgrades are in the works.

Skrill faces stiff competition from the likes of other payment processors that offer cryptocurrency trading options. Platforms like Square, Circle, and Robinhood already control a significant share of the market.

What do you think about the news of Skrill launching its cryptocurrency trading service? Do you think it will be able to compete with industry behemoths like Square, Robinhood, and Coinbase? Keep the conversation going in the comment section below.

Image courtesy of Ethereum World News archives.

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