The Skrill digital wallet, launched by the specialized payments platform Paysafe, will expand its presence in the US by partnering with Coinbase. The largest US-based crypto exchange will provide new cryptocurrency white label solutions to Skrill, thus enabling users from nearly 40 states to buy and sell digital assets.
Skrill Partners with Coinbase
Launched in 2001, Skrill is a digital wallet provider offering multiple online payment and money transfer solutions. Back in 2018, the project, which is now owned by the Paysafe Group, released its first crypto offering to customers located in over 30 countries.
Earlier today, the parent company announced the expansion in 37 states and territories in the US, including Illinois, Michigan, Texas, Washington, D.C., Puerto Rico, and more. This became possible after a partnership with the popular crypto exchange – Coinbase.
The collaboration will enable Skrill to integrate with the Coinbase platform. Consequently, Skrill customers based in the 37 territories would be able to use the firm’s digital wallet to buy and sell some of the most popular digital assets. Namely, those include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
The new initiative allows users to interact with cryptocurrencies through USD or other digital assets. In other words, they would be able to choose if they pay for BTC with the world’s reserve fiat currency or ETH, LTC, BCH, or another crypto asset.
It’s worth noting that Skrill’s US-focused crypto offering is a “phased roll-out.” This means that the online/web version is already available, while the mobile application will be released in early April 2021.
Launched Because of Massive Demand
Lorenzo Pellegrino, the CEO of Skrill, NETELLER, and Income Access at Paysafe, indicated that the new crypto-focused initiative comes following the latest massive surge in consumer interest in the industry.
“Powered by Coinbase’s sophisticated platform, our crypto offering is just Skrill’s latest US move to provide customers with a best-in-class digital wallet.” – he added.
On the other hand, Brett Tejpaul, the Head of Institutional Trading at Coinbase, said that the partnership with Skrill could “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.”
The collaboration between the two comes amid Coinbase’s plans to go public through direct listing next month.