Skrill unveils fiat-to-crypto withdrawal service

Payments solutions provider Skrill has launched a new fiat-to-cryptocurrency conversion feature for its digital wallet.

Via the new feature, the Paysafe subsidiary will allow users to withdraw and convert funds from their fiat wallet balance to an external cryptocurrency wallet.

The simple process is completed when users withdraw their fiat funds, select their crypto wallet and input the address of either a bitcoin or ethereum wallet.

The feature is currently available in the European Economic Area, with plans to launch in the UK and other regions in the near future.

Skrill also confirmed that it expects to add further cryptocurrencies to the platform for withdrawal purposes.

Lorenzo Pellegrino, Skrill CEO, said: “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,” he added.