Paysafe expands their cryptocurrency offering in the US by partnering with Coinbase

Posted on March 31, 2021 - Last Updated on April 3, 2021

Paysafe, the specialized payments platform, has announced that their digital wallet, Skrill, has expanded its cryptocurrency offering to the US in partnership with Coinbase. Coinbase is a digital currency platform provider, and it will provide Skrill with their new cryptocurrency white label solution.

Cryptocurrency expansion in the US

This is a major move for the company as they continue their rapid expansion across the United States. This new service will allow customers across 37 states and territories to easily buy and sell multiple cryptocurrencies. Crypto buying and crypto gambling regulation around the world means that there will be different rules for each region that Paysafe and Skrill enter. There may be 37 regions in the US right now but that may expand in the future.

Skrill customers across the 37 states and territories can use the digital wallet to instantly buy and sell cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. They also have the option to use Bitcoin to buy other cryptocurrencies, enabling quicker and more convenient transactions by allowing customers to avoid having to convert their interests back into fiat currencies. This will result in fewer overall transactions and therefore lower related fees.

Comments from the organisations

Lorenzo Pellegrino, CEO of Skrill, NETELLER, and Income Access at Paysafe, wrote in their press release:

“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.”

In the same release, Brett Tejpaul, Head of Institutional Trading at Coinbase, also 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 a crypto exchange.”

Paysafe in the US

Yesterday it was announced that Paysafe Group Holdings and Foley Trasimene Acquisition Corp completed their previously announced merger. This means that the newly merged company will begin trading on the New York Stock Exchange (NYSE) under the ticker symbols “PSFE” and “PSFE.WS” respectively, starting today.

By listing on the NYSE, Paysafe is continuing their growth in North America as a publicly listed company. If their new partnership with Coinbase in the US pays off, they can expect their valuation to grow at a rapid clip.

Esports betting & cryptocurrency

Last month, the esports betting site Luckbox extended their partnership with Paysafe to offer two new payment options for players. Luckbox rolled out payment options for Skrill and NETELLER as part of the integrated payment platform offered by Paysafe.

Crypto betting is rapidly becoming a dominant force in the online betting industry. However, trust is paramount for the operators that offer these services, for some, cryptocurrency can seem like the Wild West.

Skrill is one of the most trusted payment options in the online betting and gambling scene. If operators like Luckbox and others partner with Paysafe and Skrill, they can offer a seamless onboarding process for new crypto bettors.

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Andrew Boggs

Andrew is a Northern Ireland based journalist with a passion for video games. His latest hobby is watching people speedrun Super Mario 64 and realising how bad he is at platformers.

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