Paysafe’s Digital Wallet Skrill Teams with Coinbase

Amid the desire to grow its presence in the American cryptocurrency ecosystem, Paysafe’s digital wallet, Skrill, has partnered with Coinbase, -a leading digital currency platform provider. With this collaboration, Skrill will receive a new cryptocurrency white-label solution exclusively provided by Coinbase, enabling the wallet to expand its services across 11 new US territories.

This new white-label solution allows Skrill to serve its presence in Alaska, Colorado, Kansas, Kentucky, Maryland, New Hampshire, South Dakota, Tennessee, Virginia, Vermont, and Wyoming. The first phase of Skrill’s US crypto extension with other states is expected to be added immediately, further strengthening the digital wallet’s capabilities for American consumers. 2020 was a hectic year for Skrill. Its accomplishments for 2020 in the US included unveiling the Skrill Visa® Prepaid Card and launching its Skrill Money Transfer and Skrill Knect loyalty and rewards program.

By integrating with the Coinbase platform, an existing Skrill liquidity exchange partner in Europe enables customers in these 11 states to instantly buy and sell cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Skrill CEO- Lorenzo Pellegrini said, “US consumer interest in cryptocurrencies and cryptocurrency trading is stronger than ever, so we’re delighted to better serve our customers’ needs by launching our Skrill crypto offering in the country in partnership with Coinbase. Powered by Coinbase’s sophisticated platform, our crypto offering is just Skrill’s latest US move to provide consumers with a best-in-class digital wallet”.

The launch of Skrill’s crypto offering in the US is a phased roll-out, with the online version of the product to be available immediately in early April 2021. Aside from fiat, Skrill users can also use BTC to buy up other cryptocurrencies enabled on the platform, resulting in fewer overall transactions and lower related fees. With the inclusion of 11 new states, customers from 37 American states and territories can also use the Skrill crypto solution. Meanwhile, Coinbase has also filed for direct listing instead of an initial public offering.

It is currently the largest US-based crypto exchange by volume, with about $1.5 billion in daily trade volumes on average. Brett Tejpaul, Head of Institutional Trading at Coinbase, commented, “As we focus on building the crypto-economy, we look to partner with leaders like Skrill who can white-label our turnkey solution to provide and support digital assets to their clients without having to learn the nuances of building crypto exchange.”