Online payments platform Skrill has officially launched a crypto-to-crypto swap feature, enabling users to directly exchange bitcoin (BTC) stored in their wallets for eight other supported cryptocurrencies, including bitcoin cash (BCH), ether (ETH), and litecoin (LTC). This move further bridges traditional payment systems with the digital asset ecosystem.
Feature Details: Seamless Coin Swaps
According to the company's announcement, users with a Skrill account and a BTC balance can now instantly convert their holdings into any of the eight listed altcoins: BCH, ETH, ETC, EOS, LTC, XLM, XRP, and ZRX. The feature is designed to eliminate the need for intermediate fiat conversions, saving users both time and transaction fees. Skrill's app is available on both Android and iOS, supporting over 100 payment methods and 40 fiat currencies for initial crypto purchases.
Skrill, formerly known as Moneybookers, is a UK-based e-wallet provider regulated by the Financial Conduct Authority (FCA). It is part of the Paysafe Group and serves over 15,000 merchants across Europe. The platform first introduced crypto buying, holding, and selling capabilities in the summer of 2018, and this latest upgrade expands its functionality to match that of native cryptocurrency exchanges.
Fees and Verification: Transparent but Tiered
Skrill employs a tiered fee structure for crypto trades: €0.99 for transactions up to €19.99, €1.99 for amounts between €20 and €99.99, and 1.50% commission for trades above €100. Peer-to-peer fiat transactions incur a flat 0.50% fee. Withdrawals to a local bank account or via SWIFT cost €5.50, while Visa card withdrawals are charged 7.50%. Notably, Skrill announced fee changes effective January 15, 2020: upload fund fees for non-EEA countries will rise to 2.50% (currently 1.00%), and domestic transaction fees will increase to 2% per transaction, with currency conversion fees potentially reaching 3.99%.
To use the crypto-to-crypto feature, users must create an account by providing their name, country of residence, local fiat currency, and a valid email address. Despite being a regulated entity, Skrill explicitly states that no additional verification is required to buy cryptocurrency, lowering the barrier for new entrants.
Industry Implications and Outlook
Skrill's move is part of a broader trend of traditional fintech companies integrating crypto services. For instance, Bitcoin.com's non-custodial wallet already supports in-app BTC-to-BCH swaps through an integration with Sideshift. Analysts suggest that embedding direct crypto-to-crypto exchange in payment platforms enhances usability and could drive mainstream adoption. However, users should be aware that Skrill is a custodial wallet, meaning the platform controls the private keys—a factor that may deter holders seeking full self-custody.
As more compliant payment gateways embrace digital assets, cryptocurrencies are increasingly shifting from speculative instruments to practical tools for everyday transactions and asset management. Skrill has indicated plans to continue expanding its crypto offerings, potentially adding more tokens and advanced features in the future.