Skrill and cryptocurrencies
Until now, Skrill users were able to invest in cryptocurrencies using their fiat balance. However, the "buy and sell" feature enabled only internal transactions to benefit from a rise in the exchange rate. It was more a conversion rather than a purchase.
At first, only Bitcoin and Ethereum were available, but three years later (Skrill's cryptocurrency service was launched in 2018), the site is compatible with up to 40 coins like Litecoin, Stellar, Bitcoin, Cash, among others.
From February 23, 2021, Skrill users located within the European Economic Area can withdraw to cryptocurrency addresses. On March 25, 2021, the cryptocurrency service became available in the United States.
Fiat to crypto withdrawal
This week Skrill announced a new feature that enables users to withdraw fiat balance directly to a cryptocurrency address. The method is available only in EEA countries and the US, but the company stated that it will be soon launched in the UK and "elsewhere."
"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. 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."
Said Lorenzo Pellegrino, CEO of Skrill, in the press release.
How much does it cost to withdraw cryptocurrencies at Skrill?
Skrill charges a 2.00% flat fee for fiat-to-crypto withdrawals and although that might seem expensive compared to other services, let's recall that for non-VIP users, the site already charges 1.45% for peer-to-peer transactions, up to 4.99% for an international transfer, and 3.99%+1.5% for currency conversion.
However, if the commission is charged on the fiat side, it is competitive. Due to the massive boost of the Bitcoin exchange rate, we have spotted massive transaction fees of $25 for small payments, so users living within the EEA may take a look at the feature.
Skrill has become an expensive service for many users and sites, but it's still recognized as one of the most poker-friendly payment methods on the market. The new fiat-to-crypto withdrawal feature might recover some crypto enthusiasts that still play in Skrill-friendly sites.
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