Cryptocurrency mass adoption starts with the ease of availability of the digital currencies. People must have access to a resource in order to utilize it in their everyday life. Virtual currencies came to bridge the gap between the unbanked and the banking service providers. However, without the help of payment platforms that have a rapidly growing volume of active users like PayPal, Skrill, and Neteller, mass adoption is either difficult to achieve or simply a mirage.
The popular and trusted international payment solution provider, Skrill via a Twitter message on October 3 announced the company’s support for cryptocurrency buy and sell options. The tweet read:
“#CryptoNews: from today, you can buy and sell $BTC, $ETH, $ETC, $LTC and $BCH in the Skrill app. Download now to take advantage of price movements – without owning any assets.”
Skrill has now joined other payment providers like Neteller in providing trading services to cryptocurrency users. Both Skrill and Neteller will now rival PayPal’s long-standing record in Bitcoin transactions. Neteller introduced Bitcoin buy and sell options through the NetellerGo platform several months ago. The platform allows the purchase of BTC instantly. The service is supported by CoinCorner, which holds the Bitcoin sent to Neteller’s online wallet. Neteller provides people with security when carrying out online transactions by not exposing their credit details.
On the other hand, Skrill is an online wallet for payments operating under Paysafe Group. The digital wallet is well known as a fiat platform with operations in more than 30 countries around the world and more than 40 fiat currencies. Skrill strives to integrate each country’s most used payment solution in order to achieve seamless online services. Skrill was founded in 2001 and has over the years grown to be a leader in global online payments giving other platforms like PayPal a run for its money. The platform takes caters for people sending money to buy gaming features, online purchases and general sending and receiving for family and friends.
Cryptocurrency trading service on Skrill is supported by an exchange company. The identity of exchange providing the service is yet to revealed. However, it will provide custody services for the digital assets traded on the Skrill app. This is a big step not only for Skrill but also for the entire cryptocurrency community because, users in the countries supported on the platform can buy BTC, ETH, BCH, ETC, and LTC using their local fiat currency.
The service was first announced in July this year and the CEO of Skrill and Neteller said in a comment:
“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.”
Skrill has entered the cryptocurrency space at the time when one of the leading providers of similar services announced an end to the crypto support. Stripe has decided to remove the support for digital assets like Bitcoin due to the high transaction fees coupled with longer transaction confirmation periods.