Cryptocurrency firms are becoming cognizant of the fact that diversity is the way to go. In this light, Netell, a crypto wallet provider is launching an in-wallet cryptocurrency exchange for its wallet users. According to Finance Magnates, the service will enable Neteller users to instantly buy and sell cryptocurrency. Currently the only supported coins are Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash and Litecoin.
Interestingly, Paysafe Group, Neteller?s holding company reveals that it purchases cryptocurrency from a recognised cryptocurrency exchange. In addition to the 10 markets already covered, the company aims to add 50 more. Also, it plans to offer the services over its mobile application.
The in-wallet cryptocurrency exchange to support fiat-crypto conversion
Further, Neteller promises to allow conversion of fiat currency into cryptocurrency over the same platform. Initially, users will be able to convert only 28 fiat currencies into digital assets. This is a great move considering the hassle that involves fiat-to-virtual currency conversion over existing platform. With the Neteller crypto exchange, enthusiasts no longer need to find a Bitcoin ATM to convert cash to Bitcoin.
Citing an official news release, Billionaire365 reveals that the in-wallet cryptocurrency exchange will only deduct 1.5% commission per transaction. The 1.5% commission will apply for the US dollar and Euros. However, transactions involving trades in other fiat currencies will attract a commission of 3%.
Lorenzo Pellegrino, CEO of Neteller and Skrill, reveals that the initiative will bridge the fiat-crypto gap that is persistent currently. ?The implementation of the service of cryptocurrencies trading on Neteller responds to a corporate movement announced by PaySafe, the financial group behind Neteller and Skrill,? Pellegrino says.
Ultimately, Neteller aims to provide an efficient and user-friendly platform not available anywhere else in the market. Further, Pellegrino reveals that this service was first introduced in Skrill?s virtual wallet in July of this year. With the integration in Neteller, more Paysafe clients will now have an easy access to cryptocurrency.
The Neteller service will have minimum requirements per purchase or sale pegged at 10 Us dollars or Euros. Also, users will have to access the platform through the Neteller website or mobile app when it launches.