Skrill upgrades digital wallet with new fiat-to-crypto withdrawal service

By Megha Bhattacharya

Skrill, a digital payments provider and a part of Paysafe, has rolled out a new feature for its digital wallet, enabling users to withdraw funds directly to a cryptocurrency address of their choice. Skrill’s customers will be able to convert and withdraw their fiat balance to an external cryptocurrency wallet by entering an address.

According to Skrill, the feature can be accessed when a customer goes to withdraw funds in their account and selects ‘Crypto Wallet’. The user then enters the balance amount and wallet address of either a Bitcoin or Ethereum wallet.

“More people than ever are buying cryptocurrency as a long-term investment, particularly in light of recent institutional backing from the likes of Tesla, which has driven Bitcoin to fresh all-time highs,” said Lorenzo Pellegrino, CEO of Skrill, NETELLER, and Income Access at Paysafe.

The company stated that the withdrawal feature is now live in the European Economic Area (EEA) countries. Recently, esports betting platform Luckbox announced the rollout of Skrill and NETELLER with an aim to offer new payment options for customers in around 100 countries.

Skrill also announced that it will be dropping fees and foreign exchange charges for users of Skrill Money Transfer, sending money in or out of Italy. The development comes as Italy began a new wave of restrictions due to the COVID-19 pandemic. The service will remain free until December 3, 2020.

“Our customers have been enjoying the ability to interact with both fiat currencies and digital assets through Skrill for some time. Expanding a crypto portfolio is incredibly simple with Skrill, thanks to our fiat on-ramp. The new withdraw feature further enhances our service by enabling users to quickly and conveniently move their existing fiat balance to a crypto address of their choosing, saving them both time and money on fees. ”

Skrill was founded in 2001 and its money transfer service allows customers to send money from anywhere in the world directly to people in over 40 countries. Skrill enables businesses to process a range of different payment options such as cards, wallets, instant bank transfers, cash payments and other alternative payment methods via a single integration.