Skrill has long been a popular online payment service, and it recently made a move that will likely increase its popularity further. According to a new announcement published by its parent company, Paysafe, Skrill has recently expanded its crypto wallet service. The online money transfer company has now integrated 20 new cryptocurrencies into its digital wallet, making it easier for countless users in and out of the US to enter the cryptocurrency sector.
The Skrill Crypto Wallet
The company initially opened its crypto wallet three years ago, in July 2018. Between then and now, it has been offering access to a total of 15 different cryptos. However, it has now more than doubled the number of coins supported by its wallet, bringing the total number of them to 35, at this point in time. Hopefully, the company will continue adding cryptos in years to come and further expand its service.
Of course, it might opt to add more of them faster if the US makes considerable progress in regard to crypto regulations. For the time being, Skrill’s crypto wallet service is available in 48 US states and territories, with a total of 35 supported cryptocurrencies.
According to the new announcement, the company has added quite a few major, reputable, and popular coins this time around. It added some leading DeFi protocols, including the assets like Aave, Balancer, Compound, Curve, Synthetix, Uniswap, and SushiSwap. It also added Polygon, formerly known as Matic, as well as Dogecoin — a meme cryptocurrency from 2013, which skyrocketed this year, and managed to become the best-performing asset in the entire industry.
Paysafe allows NETELLER users to use Skrill wallet
One interesting thing is that access to the expanded crypto wallet will not be limited to Skrill users alone. The announcement mentioned that another Paysafe group’s transfer service, NETELLER, will also allow its users to access the wallet and use it to store and manage newly supported coins.
Paysafe’s senior vice president, Rupinder Singh, stated that, following the surge in the cryptocurrency industry’s overall activity, the company had seen more and more interest in digital currencies. In fact, the interest has skyrocketed higher than ever among Paysafe money transfer solutions’ customers, causing the company to reconsider its involvement in crypto.
With both new and old users looking to get more involved with cryptocurrencies, the company decided to meet demand by supporting more coins. This was a smart move, considering that the alternative would be losing customers to other services that might prove to be more crypto-friendly. PayPal is a good example of this.
Despite the fact that PayPal has been refusing to have anything to do with cryptocurrencies for years, it finally changed its views in late 2020. At least, it decided to do an experiment and add support for crypto in the US first, and the rest of the world second. The results were astounding, and the company has never seen so much engagement with its services as it did in the next several months, seemingly cementing its connection to the crypto market.
28% of Skrill users are optimistic about crypto – 38% bought it
Skrill’s decision to increase its crypto involvement might be the result of PayPal’s involvement, as the company is certainly trying to become more competitive by supporting more sought-after assets. Singh himself added that the goal of the move is to make it ever easier for consumers to get started in crypto, whether they prefer Skrill or NETELLER.
One simple truth is that the crypto price surge that took place in 2020 and 2021 has brought trillions to the industry, as well as countless new users, many of which will likely be trying to find a way to combine old and familiar with new and exciting. This is what made many assume that companies like Skrill could become potential drivers of crypto adoption.
Another thing to note is that Skrill did internal research earlier this year, and it discovered that, among 8,000 users that were surveyed, 28% of them believe that digital currencies are a good investment for the future. That’s nearly one-third of the questioned users. In a bizarre twist — 38% have admitted that they already bought and owned some crypto. Presumably, 10% of those surveyed had lost faith in crypto.
Nonetheless, all of this proves that the adoption rate is growing, and the awareness of crypto is higher than ever.