Customers of Skrill, the global payment solutions company, can now buy Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash instantly from their wallet by depositing through different methods local to their countries. Further, they can sell these cryptocurrencies in different fiat currencies instantly.
Cryptocurrency balances will reflect within 1 - 2 seconds of confirmation while the conversion is dependent on rates at major cryptocurrency exchanges.
Customers can then spend the money exchanged to fiat anywhere at merchant stores that accept Skrill. This service allows them to take advantage of price movements without owning the specific digital assets. The company is expecting to add more cryptocurrencies in the near future.
Through their Cryptocurrency Service, customers will be able to buy these digital assets using their national currency and it is supported in more than 40 countries where Skrill is already supported. But the service is not yet supported in all countries where Skill operates.
Customers will pay a fee of only 1.5%-3% to buy and sell or exchange their balance to cryptocurrency or back to fiat. For both EUR and USD, the fee to buy and sell is 1.5 percent while the fee for other currencies is 3 percent to buy and sell cryptocurrencies. The minimum amount one can buy or sell is to be equivalent to around 10 EUR while the maximum depends on the transaction limits placed on a person's account.
Customers will need no other account to buy and sell the cryptocurrencies meaning they can use their existing Skrill account.
The company, which lets users send and receive money from anywhere online, is partnering with a cryptocurrency exchange for the new cryptocurrency service.
The announcement comes even as Stripe, another leading online payment, ended support for cryptocurrencies claiming there are high fees and slow transaction time.
CEO of Skrill, Neteller, and Income Access Lorenzo Pellegrino said cryptocurrency trading is "exciting and dynamic" and Skrill "very much lends itself to this environment." He added that the service, which allows customers to trade cryptocurrencies easily and quickly, will appeal to customers now and in future.
"We know many people want to experiment with cryptocurrency trading but don’t know where to start and we’ve made the entire process very straightforward,” he said.