Digital wallet Skrill, a subsidiary of Paysafe, has finalized a strategic partnership with leading cryptocurrency exchange Coinbase to expand its presence in the American crypto ecosystem. Through the integration of Coinbase's white-label solution, Skrill now enables users in 37 US states to buy and sell cryptocurrencies instantly, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Partnership Details: Seamless Access to Coinbase Liquidity
The deal allows Skrill to offer a fully branded crypto trading experience powered by Coinbase's infrastructure. Users can fund purchases with fiat currency or use existing Bitcoin holdings to acquire other digital assets, reducing the number of overall transactions and associated fees. The web version of the service launched immediately, with the mobile app expected in early April 2021.
Skrill and Coinbase previously partnered in Europe as liquidity partners. This US expansion follows a busy 2020 for Skrill, during which it introduced the Skrill Visa Prepaid Card, Skrill Money Transfer, and the Skrill Knect loyalty program in America.
Executive Insights: 'Interest in Crypto Stronger Than Ever'
Lorenzo Pellegrini, CEO of Skrill, stated: 'US consumer interest in cryptocurrencies and cryptocurrency trading is stronger than ever, so we're delighted to better serve our customers' needs by launching our Skrill crypto offering in the country in partnership with Coinbase.'
Brett Tejpaul, Head of Institutional Trading at Coinbase, commented: 'As we focus on building the crypto-economy, we look to partner with leaders like Skrill who can white-label our turnkey solution to provide and support digital assets to their clients without having to learn the nuances of building a crypto exchange.'
Market Context & Strategic Implications
Coinbase, the largest US-based crypto exchange by volume with approximately $1.5 billion in average daily trading volume, has also filed for a direct listing instead of a traditional IPO. The partnership marks a significant step in Skrill's US expansion strategy and reflects the growing convergence between digital wallets and crypto exchanges.
The 37 states currently covered include major markets such as New York and California, with additional states expected to be added in future phases. As regulatory frameworks evolve, white-label crypto solutions are emerging as a key trend, enabling non-crypto-native companies to offer digital asset services without building exchange technology from scratch.
This collaboration not only provides Skrill's millions of users with a seamless entry point into cryptocurrency but also strengthens Coinbase's position in the B2B infrastructure space. With traditional financial institutions and tech giants increasingly embracing crypto, similar partnerships are likely to become more common across the industry.