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UK-Based Paysafe Introduces Fiat-To-Crypto Exchange Service

Paysafe, the UK-based digital service provider has made its entry into the virtual currency arena by launching a fiat-to-crypto exchange service. According to this exchange service, users will now have the option to buy or sell four of the biggest daily assets by market cap with a wider range of fiat currencies and over a hundred deposit methods.

Skrill, Paysafe’s subsidiary which competes with the likes of PayPal, made a somewhat mysterious announcement on Tuesday in its Twitter profile. It pledged to provide detailed information soon. Skrill is more focused on sports betting, poker, and casino rooms.

The Paysafe website revealed that this crypto exchange service is already available to the existing as well as new Skrill users. Users are allowed to buy and sell interests in Bitcoin Cash (BCH), Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) for euros, USD, and 38 other fiat currencies. While the crypto quartet offered is similar to what is offered by Coinbase, Skrill expects to add more digital currencies to its platform in the near future.

Presently the Skrill Cryptocurrency Service is available in 36 countries. These countries include Canada, Australia, UK, UAE, South Africa, and most European states along with several Latin American countries such as Mexico, Brazil, and Colombia. The company hinted that there may be a possible expansion and the list of countries is subject to change.

Skrill’s Exchange Rates As Shared By Paysafe

In its statement as reported in Cryptovest, Paysafe mentioned that their rates are quite competitive compared to the average market rates offered on the major cryptocurrency exchanges.

Skrill is owned by the global payments processing company, Paysafe. The company has its headquarters in London and was established in 2001. Paysafe has around 1600 employees with annual revenue of more than $1 billion. Last year Paysafe was acquired by a consortium of US private equity funds. This consortium of US private equity funds is managed by Blackstone and CVC Capital Partners for £3 billion ($3.9 billion).

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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