Cryptocurrency Exchange Service Offered By E-money Transfer Platform Neteller

Announcements, News | October 22, 2018 By:

Digital wallet and online payment provider Neteller is now allowing its users to buy, sell, and hold cryptocurrencies.

Neteller, owned and operated by British global payments company Paysafe Group, is an e-money transfer service used to transfer money to and from merchants, such as forex trading firms, social networks firms. It can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts.

Last week, the company announced that it has launched an “in-wallet buy-and-sell cryptocurrency feature.” The feature currently supports bitcoin (BTC), Bitcoin Cash (BCH), ethereum (ETH) and Litecoin (LTC), and is already live in 10 countries. The company said it “plans to roll it out to more than 50 additional markets.”

Users will be able to purchase the supported crptos using any of 28 fiat currencies available in the Neteller wallet, which has a default fiat currency that is chosen at account creation. The exact minimum amount a user can purchase depends on the relevant cryptocurrency but will be approximately equal to 10 EUR ($11.50 USD). The maximum amount depends on the transaction limits associated with each account. The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency. The fee rises to 3 percent for wallets with other default currencies.

Lorenzo Pellegrino, CEO of Skrill, NETELLER and Income Access, said that the large amount of investment in technology and overall innovation in cryptocurrency has led to the rapid evolution of this space.

“As digital finance leaders, we believe we can play a significant role here and create value for both the industry and consumers,” Pellegrino said. “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.”