The electronic payment service Neteller now offers its users the option to buy and sell cryptocurrencies on its platform. Since last Friday, October 19th, Neteller launched a cryptocurrency trading platform which only deducts 1.5% commission per transaction in US Dollars or Euros and 3% for exchanges involving other cryptocurrencies.
According to the official press release, the electronic payment service Neteller supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC) crypto wallets. Neteller users can purchase cryptocurrencies with 28 fiat currencies available on the platform, without requiring additional verifications.
In the words of Lorenzo Pellegrino, CEO of Neteller and Skrill, the initiative aims to connect cryptocurrencies with fiat money through an “efficient and user-friendly” platform. However, the service is not currently available in all the countries with which Neteller processes transactions.
The implementation of the service of cryptocurrencies trading on Neteller responds to a corporate movement announced by PaySafe, the financial group behind Neteller and Skrill. This service, which opens the PaySafe market to users of cryptocurrencies, was first introduced in Skrill’s virtual wallet in July of this year.
Neteller electronic payment service added cryptocurrency trading option for its customers, following the example of Skrill
Also, the Skrill digital payment processor allows users to make exchanges between cryptocurrencies and fiat coins. That, in addition to allowing transfers of cryptos between users, a feature that has not been yet implemented by Neteller.
Likewise, the Neteller service has a minimum requirement per purchase or sale equivalent to 10 US Dollars/Euros. In addition to that, users will be able to access the Neteller cryptocurrency trading platform from both the mobile application and the Neteller website.
However, Neteller did not state which crypto exchange rates it would adopt for its platform. Instead, the electronic payment service assures that “it will be a competitive rate comparable with the main crypto exchange platform on the market.”
PaySafe’s corporate movement aims at diversifying services linked to cryptocurrencies, similar to Coinbase’s electronic gift card project with cryptos. Both initiatives take place months after Visa suspended the use of debit cards backed with cryptocurrencies worldwide.