UK-based digital payment services provider Paysafe has made its foray into the virtual currency space, launching a fiat-to-crypto exchange service that offers the option to buy or sell four of the biggest digital assets by market cap with a wide range of fiat currencies and via “over 100 deposit methods”.
Paysafe’s subsidiary Skrill, which competes with PayPal and its likes but is more focused on poker, sports betting and casino rooms, made a somewhat mysterious announcement in its Twitter profile on Tuesday, pledging to provide detailed information “soon”. The company’s website reveals, however, that the service is already available to new and existing Skrill users, allowing them to buy and sell interests in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) for US dollars, euros and 38 other fiat currencies. The crypto quartet is the same offered by leading US crypto exchange Coinbase, but Skrill expects to add more digital coins to its platform in the “near future”, just as Coinbase does.
Currently, Skrill Cryptocurrency Service, as it is dubbed, is available in 36 countries, including the UK, Canada, Australia, South Africa, the UAE and most European states, as well as several Latin American countries, such as Brazil, Colombia and Mexico. The company hints at a possible expansion, noting that the list of countries “is subject to change”.
The Skrill crypto exchange has set a fee of 1.5% for purchases and sales of crypto coins against dollars and euro. The charge doubles to 3% for the remaining 38 fiat currencies supported.
Regarding exchange rates, the company says:
“Our rates are very competitive by comparison to the average market rates on the major cryptocurrency exchanges.”
Established in 2001 and headquartered in London, Skrill is owned by global payments processing company Paysafe. The parent company has about 1,600 employees and an annual revenue of more than $1 billion. Last year, Paysafe was acquired by a consortium of US private equity funds managed by Blackstone (NYSE:BX) and CVC Capital Partners for £3 billion ($3.9 billion).
This article appeared first on Cryptovest
