As the craze for cryptocurrency grows in the face of strong demand from retail and institutional investors, financial services providers Simplex and Skrill are increasingly penetrating the ecosystem, focusing on improving transaction ability and convenience. The digital payment services continue to expand the accessibility of the cryptocurrency landscape by supporting direct token withdrawals and wallet support in the browser.
Advanced in-browser wallet functions
Simplex works with the privacy-conscious web browser Opera to provide cryptocurrency support for the wallet in the browser. With the wallet, Opera users can easily convert from Fiat to Crypto and Crypto to Fiat.
Opera, which has the title of the first web3 and blockchain-enabled browser, already has a native wallet that supports Bitcoin, Ethereum and Tron. With the simplex onboard process, Opera is expanding the range of supported tokens and coins in its wallet and, in addition to low conversion costs, also offers functions for deposits and withdrawals from Fiat.
Crypto withdrawals without an exchange account
With the latest additions to Skrill, users can withdraw tokens directly from their accounts to a Bitcoin or Ethereum crypto wallet (ETH) address, adding a new level of fungibility.
Skrill already supports the purchase of numerous tokens, including Litecoin, ZRX, Tezos, Stern, Dash, EOS and others, as well as more than 40 fiat currencies. In addition to being able to buy and sell cryptos instantly, the latest withdrawal feature being rolled out in the European Economic Area (and later the UK) makes it easier for users who prefer long-term private custody over their coins.
The new services allow users to expand their portfolios without the need for an exchange account. After all, the company plans to withdraw more cryptocurrencies into certain wallets as the supply increases.
Keeping up with the Paypals & Robinhoods
The recent moves from Skrill and Simplex reflect a similar direction taken by other major payment providers and exchanges. Following the introduction of buy, sell and hold functions for US customer accounts last fall, PayPal users will be able to fund cryptocurrency purchases from 26 million merchants in 2021.
The functionality effectively enables customers to pay in crypto while merchants receive fiat currency and helps merchants avoid the persistent volatility that has prevented wider adoption. In addition, the company has announced that Venmo will also support cryptocurrency transactions from 2021.
The online investment platform Robinhood recently announced that it will soon offer crypto deposits and withdrawals. While the platform already allows users to buy and sell certain cryptocurrencies, especially Dogecoin, there is only one fiat entry and exit for existing traders.
What do you think when will Paypal finally come on board and fully open to crypto? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Simplex, Skrill, Opera,
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on the content, goods or services referred to in this article.
