Paysafe-owned digital wallet solution Skrill has announced the roll-out of fiat-to-cryptocurrency withdrawals in the European Economic Area (EEA).
Using the service, Skrill customers can transfer 40 fiat currencies into a variety of cryptocurrency options.
Skrill, headquartered in London, also plans to launch the withdrawal features in the UK – plus other countries – soon.
How does the fiat-to-cryptocurrency withdrawal service work?
To convert and withdraw their cryptocurrency of choice, users must enter an address. Users can choose this solution by selecting the Crypto Wallet option when withdrawing funds.
When in the Crypto Wallet section, users enter the amount they want to withdraw. They will then choose which kind of wallet they wish to withdraw, with the options of either Bitcoin or Ethereum.
Some of the fiat currencies that users can convert when withdrawing include the British Pound (GBP), Euro (EUR), and US Dollar (USD). Besides Bitcoin and Ethereum, other cryptocurrency solutions include EOS, Dash, Litecoin (LTC), and XLM.
The solution uses Skrill’s cryptocurrency service, which the company first launched in 2018.
“Expanding a crypto portfolio is incredibly simple with Skrill”
Commenting on the new fiat-to-crypto withdrawal solution, Lorenzo Pellegrino – CEO of Skrill and NETELLER and Income Access at Paysafe – said the following.
“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.
“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.”
In addition to planning a UK launch soon, Skrill also plans to add different cryptocurrencies to the fiat-to-crypto withdrawal feature in due course.
Cryptocurrency in the UK gambling industry
In recent years, cryptocurrency gambling has gained a higher profile in the UK. Earlier in February, Premier League side Southampton FC announced a partnership with the crypto sportsbook Sportsbet.io. The partnership will enable the South Coast outfit to offer new VIP fan experiences.
Sportsbet.io also has a presence elsewhere in England through a partnership with Championship side Watford. In the same league, Swansea City has a cryptocurrency partner in Mercuryo.