Users of the Neteller digital wallet and payments service provider will now be able to buy and sell cryptocurrencies directly from the wallet.
Buy and Sell Cryptos with Neteller
Neteller, a leading online money transfer service provider, has launched a feature using which users of the digital wallet will be able to buy and sell cryptocurrencies from within the wallet itself. In a press release published Friday by parent company PaySafe, the company announced:
As of today, NETELLER users can buy, hold and sell cryptocurrencies via a recognised cryptocurrency exchange including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin, purchased using any one of 28 fiat currencies available in the NETELLER wallet.
For customers of the e-wallet, this new offering will provide a convenient way to buy and sell cryptocurrencies. They would not need to open an account on a cryptocurrency exchange, and existing customers do not need to complete any additional verification.
Currently, users can buy Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin and pay with any of the 28 supported fiat currencies and 100 alternative deposit methods. The feature has been enabled by integrating with an as yet “recognized cryptocurrency exchange.”
Today, @NETELLER has launched its in-wallet buy and sell #crypto feature, enabling users to buy, hold and sell cryptocurrencies including #Bitcoin, #Ethereum, and Litecoin using 28 fiat currencies. Find out more here:
— Paysafe (@Paysafe) October 19, 2018
Skrill, another similar service owned by Paysafe, already integrated the feature in July of this year. The move apparently was well received by the users.
Lorenzo Pellegrino, CEO of Skrill, Neteller and Income Access, commented:
The large amount of investment in technology and overall innovation in cryptocurrency has led to the rapid evolution of this space. As cryptocurrencies are increasingly embraced by businesses and consumers alike, this is an industry where we continue to strengthen our presence.
He added:
As digital finance leaders, we believe we can play a significant role here and create value for both the industry and consumers. Connecting the dots between cryptocurrencies and traditional money in an efficient and user-friendly way is needed for cryptocurrencies to gain real traction amongst consumers. At Paysafe, we are in a great position to facilitate that through our leading digital wallets and other payment products.
The Process to Transact and Fee Structure
Users looking to buy any of the supported digital assets, need to log into their Neteller account and then select the “Crypto” option. From the next screen, users can complete their transaction by specifying the amount of the cryptocurrency they intend to buy.
Transaction fees for both Buy and Sell orders are 1.5 percent when transacting in either Euro or USD and 3 percent when using other currencies.
The new service is currently available in ten countries and the company plans to roll it out in 50 more within the next few months. Also, the option is right now available only on the web app, though the company has said that it will add the feature to Neteller mobile app soon.
While the adoption of cryptocurrencies for payments may still be slow, but with mainstream e-wallets like Skrill and Neteller adding support for the digital assets, accessibility, and convenience for digital wallet users should no longer be a deterrent to trade.
Do you think with e-wallets adding support for cryptocurrencies, more merchants will start accepting payments in them? Let us know in the comments below.
Images courtesy of Neteller