Skrill users will be able to exchange Bitcoin for any of the available cryptocurrencies such as Bitcoin Cash, Ether, Litecoin or Ripple.
Skrill, the global online payment provider owned by Paysafe, announced that it is adding a new feature that allows you to acquire all the cryptocurrencies available on the platform directly using Bitcoin, with lower rates.
This was reported by media such as U.Today and News Bitcoin, adding that the London-based company, consequently, eliminated the function of converting cryptocurrencies into fiat to make a purchase. Also, Skrill said he will add a similar feature to the Neteller wallet in 2020. Neteller is also owned by Paysafe.
The Web Now Company news media also commented on the news via Twitter:
“#BTC #XRP #BCH Initially, customers can convert between Bitcoin and other compatible currencies, and other pairs will be added soon.”
Formerly known as Moneybookers, the crypto service will allow you to trade nine cryptocurrencies. These include Bitcoin, Bitcoin Cash, Ripple, Ether and Litecoin, and using more than 40 compatible fiduciary options, according to the Finance Magnates media. Founded in 2001, Skrill has accumulated over 20 million users and 100,000 merchants, according to Crunchbase.
Skrill now allows you to change cryptocurrencies
As is known, Skrill launched its cryptocurrency service in July 2018. The company gave its customers the opportunity to buy “interest” in various digital assets, including less popular alternative currencies such as Ethereum Classic and 0x, with local fiat currencies.
Obviously, the disadvantage of such services is that you do not physically own your currencies. Instead, cryptocurrencies are held in the client’s name in a grouped account.
Skrill CEO Lorenzo Pellegrino acknowledged that cryptocurrencies are an important part of his business, and now he wants it to be easier for his clients to interact with this new asset class.
Cryptocurrency is an important part of what we do in digital wallets and by using our scale and our vast experience in the payment industry, we are continuously improving our service to help our customers make the most of the crypto ecosystem.
The new Skrill service is the latest example of a payment company offering some features related to cryptocurrencies.
However, the media adds, modern financial services companies, such as Square, Robinhood and Skrill itself, remain custodial services with limited functionality outside the scope of speculation. This, according to News Bitcoin, questions its relevance as part of any possible crypto revolution that takes place in finance.
Dan Schulman, CEO of Skrill’s big competitor, PayPal, revealed this month that he owned bitcoins and that the company was working on its own Blockchain-based solution. However, for now, the world’s largest online payment system chose to stay away from cryptocurrencies.
PayPal has also been a source of controversy due to the recent payment blockade imposed on more than 100,000 Pornhub models, in a move that could attract these models to adopt cryptocurrencies.