Skrill adds 20 new cryptocurrencies to its digital wallet
Skrill, the specialised division of Paysafe, has added 20 new cryptocurrencies to its digital wallet for customers to buy and sell outside the US.
The new additions bring the total number of currencies to 35 - and Skrill, which was launched in 2001, is also entering 11 new US states and territories as part of its continued expansion.
According to reports, the expanded portfolio is also available in NETTELLER - another of Paysafe’s proprietary digital wallets.
New territories for Skrill
The latest expansion plans for Skrill following its entry to the US were announced in March 2021. Since then, the fintech has increased its presence and is now available in 48 states across North America. Most recently, these include major hubs like California, Pennsylvania, Florida, North Carolina, and Massachusetts.
The company made its initial public offering in 2018 and has been focused on expanding ever since, providing more services for cryptocurrencies and offering customers greater flexibility in terms of ease of trade and the variety of currencies available. Skrill, customers can make direct crypto-to-crypto currency conversions as well as set recurring or conditional orders, for example, based on price fluctuations.
Research published by Skrill and Paysafe earlier this year indicates that 28% of 8,000 consumers surveyed believe cryptocurrencies are a sound investment, while 38% have already either invested in or bought a cryptocurrency.
Rupinder Singh, Paysafe’s SVP, Consumer, Digital Wallets, explained, “After a surge in overall activity in the industry we’re seeing more interest in cryptocurrency than ever from our digital wallet customers, both current and new.
“The potential for this service is growing all the time, and we want to continue to expand responsibly what we offer at the same rate by adding new functionality, enabling new currencies, and launching in new territories.”
He added, “Our aim is to make it even easier for consumers to get started in crypto using Skrill or NETELLER.”
Nymbus enters strategic partnership with Plaid
Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions.
This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.
What are the benefits of the integration?
Benefits of the Nymbus and Plaid integration for financial institution customers include:
- Improve user identity verification and reduce fraud.
- Instantly authenticate and link members’ bank accounts.
- Streamline ACH transfers between any bank or credit union in the US.
- Access and analyse comprehensive transaction data.
- Validate real-time account balances to protect against overdraft and enable account pre-funding.
“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”
Continuous growth and expanding partnerships
Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.
Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.
Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”
Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.