Payment company Skrill has reaffirmed its commitment to supporting crypto assets. The popular payment gateway has announced the introduction of a buy and sell service for crypto-to-crypto, enabling users to acquire digital assets directly within its app. The payment processor previously offered this ability for fiat-to-crypto only. Skrill has been an advocate of cryptocurrency since 2018, when it first added support for digital assets, and has now doubled down on that initiative through adding buy and sell functionality.
The new service enables users to purchase BTC and other cryptos using the platform’s Skrill Cryptocurrency Service by swapping between cryptocurrencies directly, resulting in reduced transactions and thus lower fees. Previously, anyone wishing to do so within the Skrill mobile or desktop app had to convert from crypto back into fiat before purchasing their desired cryptocurrency. Skrill has launched its buy and sell feature with BTC paired against the nine cryptos it supports, with the promise of more pairings to come.
Payment processors are experimenting with crypto
Skrill is not the only payment processor to have incorporated cryptocurrency into its existing service. Unlike other fiat gateways, however, its commitment has all the hallmarks of a permanent arrangement rather than a short-lived dalliance. PayPal garnered headlines when it was revealed that it would be joining Facebook’s Libra consortium, only to withdraw its membership under pressure from US politicians.
Visa, Mastercard, eBay, Stripe, and Mercado Pago also withdrew their membership of the Libra Association in the face of regulatory uncertainty. The credit card giants are nevertheless experimenting with blockchain technology, filing patents that suggest they are hedging their bets and exploring the benefits that distributed ledger technology has to offer. Through accommodating existing crypto assets rather than launching its own digital currency, Skrill appears to be on firmer ground. As such, its latest initiative ought to fly under the radar of regulators concerned by the trend for tech companies to issue their own currencies that might threaten the dollar’s hegemony.
40 fiats and 9 cryptos in 1 place
Skrill is hoping its new crypto service will gain a foothold among users who wish to purchase digital assets without the rigmarole associated with using an exchange. Its service promises to be quicker and simpler, enabling buyers and sellers to swap coins with the minimum of fuss.
Skrill CEO Lorenzo Pellegrino said:
"We know that our customers want more functionality to make it even easier for them to access and interact with cryptocurrency. Cryptocurrency is an important part of what we do in digital wallets and using our scale and vast experience of the payments industry, we’re continually enhancing our service to help our customers get the most out of the crypto ecosystem."
Initially, Skrill will offer its users nine cryptocurrencies including BCH, ETH, XRP, and LTC. These are paired against the more than 40 fiat currencies Skrill already accepts and the 100+ deposit methods it has integrated into its payment platform. Its new crypto buy and sell feature demonstrates that the Skrill believes cryptocurrencies are here to stay. Through simplifying the process for acquiring crypto assets, Skrill believes it can plant a flag in fertile soil and further cement its dominance as the world’s leading all-in-one payment gateway.