Payments Platform Paysafe Partners with Coinbase to Allow Users to Buy and Sell Crypto

Paysafe, a digital payments platform, has partnered with Coinbase to enable users to buy and sell crypto. According to a release, Paysafe’s digital wallet Skrill will now let customers trade in crypto by using Coinbase’s white label solution.

Skrill, first launched in 2018, is available in over 30 countries, as well as many US states including: Georgia, Illinois, Michigan, Ohio, Tennessee, Texas, Virginia, Washington, D.C., Washington state, and Puerto Rico, and more. Skrill customers in these states can use the digital wallet to trade cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Skrill users have the option of using Bitcoin or USD to buy cryptocurrencies. US users also may have access to the Skrill Visa Prepaid Card as well as the Skrill Money Transfer remittance solution and Skrill Knect loyalty and rewards program.

Lorenzo Pellegrino, CEO of Skrill, commented:

“U.S. 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 U.S. move to provide consumers with a best-in-class digital wallet.”

Brett Tejpaul, Head of Institutional Trading at Coinbase, explained that as they focus on building the crypto-economy, they 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 a crypto exchange.

The U.S. launch of Skrill’s crypto offering is a phased roll-out, with the online/web version of the product available immediately. The mobile app version will be launched in early April 2021.

Paysafe reports an annualized transactional volume of US $92 billion in 2020 facilitating 70 payment types in over 40 currencies around the world.

 

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