Neteller launches fiat-to-crypto withdrawals 8 months after Skrill

Rick Steves

Its sister digital wallet, Skrill, has launched its fiat-to-crypto withdrawal service in February of this year.

NETELLER has made fiat-to-crypto withdrawals available on its digital wallet, allowing customers to instantly convert and withdraw their fiat balance to an external cryptocurrency wallet by entering an address.

The withdrawal feature has gone live in ten countries internationally including the UK, Chile, Canada, and Australia.

The digital wallet plans to roll it out in additional countries and add more cryptocurrencies for withdrawal in the future.

NETELLER is part of Paysafe’s payments platform. Its sister digital wallet, Skrill, has launched its fiat-to-crypto withdrawal service in February of this year.

Jordan Stoev, Head of Crypto, Skrill and NETELLER, at Paysafe, said: “With so much interest in the digital asset space right now we’re excited to announce this new feature for NETELLER’s cryptocurrency service, which is the latest in a series of new additions and enhancements.

“The new withdrawal feature saves both time and money spent on fees for our NETELLER cryptocurrency users by allowing them to move their existing fiat balance to a crypto address of their choosing.”

NETELLER’s cryptocurrency service allows customers to convert 40 fiat currencies, including the Euro, US dollar, and British pound sterling, into interests in 38 different cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) and, most recently, Solana (SOL).

Paysafe has recently appointed Chirag Patel as the CEO of its global Digital Wallets Division. Paysafe owns both Neteller and Skrill which are payments providers boasting more than 3.5 million users all around the world with transactions value crossing $20 billion in 2020.

The payments company has also completed the acquisition of the Peruvian company PagoEfectivo, which is into the alternative payments space.

Paysafe had recently acquired another payments company from the Latin American region, SafetyPay, and this acquisition is expected to complete towards the end of the year.

The firm would then command a decent presence in the region which it could then use for further expansion and growth in a region that is ripe for a technology disruption as far as the payments space is concerned.

Besides Latin America, the company is also expanding its presence in Europe as it has acquired German fintech company, viafintech, in an all-cash transaction.

viafintech has the biggest bank independent infrastructure in Germany, which makes it an ideal candidate for Paysafe to use this infrastructure and build financial services that would challenge the legacy systems in banking.

Read this next

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

Digital Assets

EQONEX leaves “crowded crypto exchange space” amid crypto winter

“The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Digital Assets

FTX and Paradigm partner for spreads trading: lower risk, lower fees

“This structured spread trading product is the first that will enable crypto investors to utilize cash and carry trades through FTX and Paradigm.”

Industry News

SEC uncovers online retail brokerage hacking scheme

Fraudsters were able to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds, the SEC alleged. 

Executive Moves

Cornerstone FS taps James Hickman as CEO

“I see great potential in the business from its proprietary technology to its regulatory permissions. It is already delivering an exceptional service to its SME customers and the scalable platform is ideally positioned to add further product capability.”

Retail FX

FCA warns of Lite Forex Pro as crackdown on clone scams continues

The UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating LiteForex‎, which rebranded last year as LiteFinance.

Digital Assets

Novogratz’s Galaxy Digital backs out of $1.2 billion deal to buy BitGo

Crypto merchant bank Galaxy Digital would not move forward with its bid to buy digital-asset custodian BitGo.

Executive Moves

OctaFX elevates Nikolas Charalampous to executive director role

OctaFX has promoted its head of dealing, Nikolas Charalampous, to the role of executive director, which saw the expansion of his day-to-day responsibilities and oversight.