Online Fiat Wallet Neteller Launches Cryptocurrency Exchange Service

Digital fiat currency wallet provider Neteller has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC. The cryptocurrency service is already live in 10 countries and the company “plans to roll it out to more than 50 additional markets.”

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Neteller Adds Cryptocurrencies

Neteller is a service operated by Paysafe Financial Services Ltd., a wholly-owned subsidiary of Paysafe Group Ltd. Paysafe Financial Services was founded in 1999 to provide an online alternative to traditional payment methods. The group announced on Friday that Neteller has launched an “in-wallet buy-and-sell cryptocurrency feature,” elaborating:

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognised cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

“We expect to add more currencies in the near future,” Neteller’s website states, adding that users can currently exchange from more than 100 payment methods into cryptocurrency without additional verification. The supported fiat currencies include Australian dollars, Brazilian reals, Canadian dollars, euros, British pounds, Indian rupees, Japanese yen, Mexican pesos, Russian rubles, Swiss francs, U.S. dollars, and Colombian pesos.

Some of the methods for funding a Neteller account include Pay by Mobile, Epay, Paysafecard, local bank deposits, and bitcoin, according to its website. Funds can also be uploaded via a number of banks online such as Banco do Brasil, HSBC, Itau, and Nordea.

“Our rates are very competitive by comparison to the average market rates on the major cryptocurrency exchanges,” the firm claims. Paysafe detailed:

Neteller’s new cryptocurrency service is already live in ten countries with plans to roll it out to more than 50 additional markets over the coming weeks and months and to extend the service to its Neteller mobile app.

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

Each Neteller wallet has a default fiat currency which is chosen at account creation. 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.

About Neteller and Skrill

Paysafe Group is authorized by the U.K. Financial Conduct Authority (FCA). However, cryptocurrencies are not regulated by the FCA so Neteller’s crypto service is provided under the company’s own terms of use.

Neteller users can pay, get paid on thousands of sites, and send money worldwide. The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash. “As one of the world’s largest independent money transfer businesses, we process billions of dollars’ worth of transactions each year,” its website reads.

The company described:

The Neteller account is an online stored-value account that millions of consumers in more than 200 countries have used to add, withdraw and transfer funds to and from Neteller merchants and other Neteller customers.

On July 25, Paysafe announced that another digital wallet provider in its group, Skrill, started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

What do you think of Neteller adding cryptocurrency exchange service? Let us know in the comments section below.

Images courtesy of Shutterstock, Paysafe, and Neteller.

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