Paysafe digital wallets widen crypto offering to +40 coins
Payments giant Paysafe (NYSE: PSFE) has added four new cryptocurrencies for buying and selling across its digital assets service. With the addition of the new batch, Paysafe’s proprietary digital wallets, Skrill and NETELLER, now offer more than 40 cryptocurrencies to customers outside the US.
The new cryptocurrencies added to the platform are Avalanche’s AVAX, the Internet Computer Protocol (ICP) by Dfinity, IoTeX’s IOTX and Axie Infinity’s AXS. Notably, the expanded portfolio allows users to set up custom price alerts, condition orders, or make recurring purchases.
Paysafe’s crypto-to-crypto feature enables quicker transactions with lower fees than if done via two separate transactions. Since 2018, Skrill users no longer have to convert their crypto holdings back into fiat currencies before buying another cryptocurrency.
Paysafe’s cryptocurrency conversions are provided via a partner cryptocurrency exchange, which facilitates the buying and selling of digital assets and, in some cases, holds the cryptocurrencies as custodian.
Since its launch, Paysafe has been expanding its crypto service’s scope and functionalities with addition of new cryptocurrencies while extending its reach to more customers.
Earlier this year, Skrill expanded its crypto offering to the US in collaboration with major exchange Coinbase. Given the crowded pipeline of crypto investors, as well as the emerging appetite from millennials, Paysafe onboarded Kraken to participate in its network of cryptocurrency liquidity providers.
This alliance backs Paysafe’s crypto buy and sell products where Skrill and Neteller clients can transact and spend crypto-assets through their wallet accounts.
Chirag Patel, CEO of Digital Wallets at Paysafe stated that the firm’s digital wallets customers show increased interest in crypto. As a result, the potential for this service is growing all the time, and they want to continue to expand at the same rate by adding new functionality, enabling new currencies and launching in new territories.
The Paysafe executive added: “We are excited to be expanding our selection of cryptocurrencies within Skrill and NETELLER, with our latest batch including some very exciting cryptocurrencies available today. Tokens like AVAX, ICP, IOTX and AXS are great additions for us, allowing our customers to get exposure to the rapidly growing DeFi and Play-to-Earn economies. This cements Skrill and NETELLER as ideal platforms for accessing the vibrant crypto world, and our portfolio tools will surely make life easier for our users as well.”