Connecting The Dot B/W Cryptocurrency And Traditional Money
The digital wallet providers are allowing users to buy cryptocurrencies through fiat money thus eliminating having to go to crypto-ATMs. Currently, the feature allows top 10 cryptocurrencies like
We're pleased to announce you’re now able to buy and sell cryptocurrencies with NETELLER – including #Bitcoin, #BitcoinCash, #Ethereum and #Litecoin. Find out more today: https://t.co/ysYL349shV $BTC $ETH $ETC $LTC $BCH pic.twitter.com/roP1QSF3eD
— NETELLER (@NETELLER) October 19, 2018
The purchase of these cryptocurrencies can be done using any of the 28 fiat currencies readily available for its users. The Paysafe’s cryptocurrency services are now available to Skrill and another digital wallet supported by Paysafe Group. Lorenzo Pellegrino, CEO Skrill, Neteller, and Income Access said,
A large amount of investment in technology with innovation in cryptocurrency has led to rapid evolution of this space. As digital finance leaders, we believe we can play a significant role here to create value for industry and consumers. Connecting the dots between cryptocurrencies & traditional money in a user-friendly way, cryptocurrency needs to gain real traction amongst consumers.
The users need to select ‘crypto’ and a couple clicks later they have access to buy and sell crypto that is purchased by Neteller via a trusted exchange, said Pellegrino. The Neteller’s amazing feature is now up and running in 10 countries and the company has plans to roll it out to 50 more markets in the coming months. The company has plans to extend these services to a mobile phone as well, using an app.
Among other features, the customers have options to buy cryptocurrencies using multiple fiat options available to them. The speed and efficiency of setting up an account attract more customers due to its ease.
There has been a lot of competition when it comes to cryptocurrencies. New York State Department of Financial Services (NYDFS) recently grants BitLicense to the Jack Dorsey’s Square. Square is Paysafe’s biggest competitor and is also entering the same space.