Crypto investors now have a new way of buying some coins. The online payments service from Skrill has been extended to include the option of buying cryptocurrencies.
This move into the world of digital currencies means that the company’s 35 million account holders can easily buy Bitcoin, Ether and other coins directly from their Skrill wallet.
What is the Service All About?
At the moment, Skrill is offering the chance to buy Bitcoin, Bitcoin Cash, Litecoin and Ether. This can be done using more than 100 payment methods. Included in this list are 40 different fiat currencies.
Customers who open a Skrill wallet don’t need to carry out any additional identification checks to start buying and selling crypto coins. The commission rates stated on their site are 1.5% for buying and selling using US Dollars or Euros with 3% charges made on other currencies.
There are more than 30 countries covered by this new service. This includes the UK, Ireland, Canada, South Africa, France, and Spain among others. It is believed that the plan of Skrill is to introduce their crypto service to other markets later.
They are looking at putting the cryptocurrency buying and selling onto their mobile app. In addition, Skrill is also said to be planning to put it into the Neteller digital wallet that is operated by the same parent company, Paysafe Group.
How Popular Has Skrill Become?
Skrill started in 2001 as Moneybookers and changed over to its current name in 2013. Back in 2010, this was classed by the Sunday Times as being the number one private equity firm in the UK. It is typically used to transfer cash between friends or to pay online for goods and services.
As well as being used to send money from one person to another, this service is also popular for adding funds to accounts on third-party sites. Skrill is particularly popular on gaming sites that use accounts funded with real money. For example, at online Casino Cruise where you can play roulette online, you can use Skrill to fund your account so that you can play the likes of French Roulette, Immersive Roulette, European Roulette, and Rapid Roulette.
It is also an option for adding funds to some existing cryptocurrency exchanges and platforms. Skrill is accepted on sites such as eToro and BitPanda. They also offer a MasterCard linked to your account, to let you withdraw cash and spend in shops all around the planet.
It isn’t clear how many customers they have right now. Skrill stated that they have 35 million wallet holders, but it seems safe to assume that not all of them are active users.
The addition of this new service certainly opens up the world of cryptocurrencies to far more people. Anyone who has been wondering about how to get started on buying some digital coins might decide that this is the simplest way for them to do so.
Lorenzo Pellegrino is the CEO of Skrill. He said that the crypto world is “exciting and dynamic” right now. He went on to say that they have made the “entire process very straightforward”. Skrill says that they will be using “a recognized cryptocurrency exchange” to trade and hold the coins.
Is Grupo XP signaling a greater digital currency adaption?
Brazil’s largest brokerage, Grupo XP, made headlines last year when it became the first major exchange to open itself up to the trading of Bitcoin and Ethereum. As a development long anticipated, this involvement of cryptocurrency on the highest stage signaled a level of acceptance and mainstream viability which many crypto followers have been predicting for years.
As the two biggest names in the cryptocurrency market, Bitcoin and Ethereum are acting as vanguards in this respect. This has not only raised the public profile of the two currencies, but it has also driven significant additional interest to crypto and digital currencies as a whole.
As Brazil stands as one of the progressive and forward-thinking markets when it comes to financing, this raises questions as to the role which digital payments might play in an increasingly technological world. Can we ever expect it to take the place of traditional cash?
To answer this question we need to look at just how far digital currencies have come in the short time they have existed. Nowhere is this growth more evident than with PayPal, perhaps the most well-known digital money system on the planet.Originally founded back in December of 1998, PayPal was not the first in the business, but it offered a level of user-friendliness and convenience which set it above all of its contemporaries. Pushed by such well-known names as Peter Thiel and Elon Musk, PayPal proved itself in how well it integrated into many major online retailers. The most famous of these was the most powerful online auction house in the world, eBay, which later acquired PayPal in 2002 for $1.5 billion.
Since then, PayPal continued its path to victory by offering high-quality security and international connectivity, and through the acquisition of related companies such as Fraud Sciences, Braintree, and Hyperwallet.
Now with 254 million users, PayPal’s success has shown that there is room for competitors, which helped shine a light on the road which competing forms of currency, and newer digital systems like crypto, would follow.
While PayPal prides itself as a jack-of-all-trades, others preferred to follow their own path. Idebit, for example, instead focuses on offering services dedicated to users in Canada. Some of the more popular services offering idebit include online casinos like Guts and Rizk. As these are bound by similar regional limitations, it makes sense that they would operate in cooperation, as this has proven the best way to legally offer the best bonuses and deals.Our focus of crypto, on the other hand, places its most significant emphasis on the anonymity of its transactions. This is not something which is offered by the likes of PayPal, which instead attempts to act as an online replacement for traditional finance systems, rather than an alternative to.
With dedicated markets for crypto and other forms of digital currency now offering goods and services on a level which challenges traditional fiat currencies, the fact that the old-fashioned will increasingly be usurped is nothing short of inevitable.
While the inherent power and connectivity-reliant nature of these mean that they will never entirely replace the coin or note, the decrease of worldwide emphasis on these older systems is already happening, and will only grow more pronounced in the future.