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Digital Wallet NETELLER Debuts Fiat-to-Crypto Withdrawal Feature in New Expansion Stride

Cryptocurrency Oct 18, 2021 08:30AM ET
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Digital Wallet NETELLER Debuts Fiat-to-Crypto Withdrawal Feature in New Expansion Stride
 
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Paysafe-backed digital payment provider, Neteller announced a new addition to its existing suite of financial services, namely the ‘crypto wallet.’ The new service joins the other payment features of the platform’s digital wallet.

By using the crypto wallet, customers of NETELLER, which by extension are part of the broader payment platform, Paysafe, will be able to access cryptocurrency payments.

Using the service, customers will be able to change fiat currencies into cryptocurrency, and back to fiat currency again. Customers will also be able to withdraw from their fiat balance into an external crypto wallet by simply providing the wallet address to which the fund should be transferred to.

Currently, the feature is only available in ten countries throughout the world, including the United Kingdom, Chile, Australia, and Canada. However, going by the official press statement, there are ongoing plans to make the feature accessible in more countries.

While the crypto wallet feature currently only supports 38 cryptocurrencies, including Bitcoin and Ethereum, the company intends to increase its cryptocurrency asset portfolio as it expands into other nations.

Thrilled about the newly achieved milestone, Jordan Stoev, head of crypto and trading for Skrill and NETELLER at Paysafe, expressed his delight about the new feature, commenting on its endless possibilities.

“With so much interest in the digital asset space right now we’re excited to announce this new feature for NETELLER’s cryptocurrency service, which is the latest in a series of new additions and enhancements,” "The new withdrawal feature saves both time and money spent on fees for our NETELLER cryptocurrency users by allowing them to move their existing fiat balance to a crypto address of their choosing,” Stoev enthused in the official press statement.

What Do We Know About NETELLER’s Crypto Wallet?

The new Crypto feature, while it is expected to further evolve as it expands into more countries, offers a lot of potential for both crypto enthusiasts and regular users alike.

Perhaps most notably, customers can convert no fewer than 40 fiat currencies including Euro, US dollar, and British Pound Sterling, into 38 different cryptocurrencies, as noted earlier. Alongside the giants of Bitcoin (BTC) and Ethereum (ETH), customers can also convert their fiat into other crypto assets such as Litecoin (LTC), Solana (SOL), Bitcoin Cash (BCH), and many more.

With the latest addition, NETELLER will now offer a more complex online payment solution, suggesting that clients will be able to do more with the newly introduced crypto capabilities, in addition to being able to simply send and spend money online from a basic account.

Crucially, the addition of crypto capabilities to NETELLER is part of a larger expansion move for Paysafe, the parent company, as it follows suit in the availability of the fiat-to-crypto withdrawal service for Skrill (Paysafe’s other digital wallet) since February of this year.

Paysafe Limited, as it’s officially known, is a leading specialized payments platform whose core purpose is to enable businesses and consumers to connect and transact seamlessly by leveraging industry-leading capabilities in payment processing, digital wallets, and online cash solutions.

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Digital Wallet NETELLER Debuts Fiat-to-Crypto Withdrawal Feature in New Expansion Stride
 

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