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Skrill to Allow Withdrawals Direct to Crypto Wallets

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Not only does Skrill plan to launch the feature in different economic areas, but the company is also in the planning and execution process of adding additional cryptocurrencies to its Paysafe platform in the near future.

There is great news hitting the cryptocurrency and blockchain marketplace today as a major player in the payments industry is making everyone’s life easier and allowing users to withdraw funds directly to a cryptocurrency wallet address.

Skrill, a global payments provider, is allowing this feature to take place on their global digital payments integrated platform Paysafe.

This is a phenomenal step in the right direction for cryptocurrency as it will undoubtedly mean more adoption from retail users of cryptocurrencies on the Paysafe platform. Having this feature in place takes the world one step closer to using cryptocurrencies as a normal and socially accepted means of payment. We would expect this to happen on both sides as the Skrill Paysafe platform has been predominantly fiat currency focused up until this point so when this new cryptocurrency feature is added it will mean that different wallets, distributed across different applications, exchanges, websites and platforms can be easier integrated.

This integration will come as a direct result of users being able to withdraw directly to cryptocurrency wallets as many platforms and exchanges out there currently host their own hot and cold wallets for users, meaning the user can store cryptocurrency on that platform or exchange. Furthermore, users of cryptocurrencies may be more prone to using Skrill’s integrated platform, Paysafe, as it now means they can withdraw their capital in a much easier and more fluid manner.

Details of the Update

For the first time, users won’t even have to convert their fiat to crypto before withdrawing from the Paysafe platform. Not only is Skrill allowing users to withdraw to cryptocurrency wallets but they have also made the entire process that one bit easier by ensuring that a user can withdraw fiat money directly.

This may seem like a small additional feature relative to the ability to withdraw directly but many companies in the payments industry have not yet caught on that this can revolutionize the user experience and process of withdrawing to a cryptocurrency wallet. Think of it in terms of a process flow map. The majority of payments providers that offer crypto and allow you to withdraw firstly require you to exchange your funds into that particular cryptocurrency, which is step one. The second step is to go to withdrawals and request a withdrawal directly from the cryptocurrency value held in the account to the cryptocurrency wallet. The Paysafe integrated platform has reduced these two steps down to one step and allows the conversion of fiat currency to cryptocurrency take place at the moment of withdrawal.

This is a big move as the two steps of a conventional payment provider, although only being two steps, usually has a much more convoluted user journey that requires a complex level of clicks between different user interfaces to complete the first step of converting from fiat to crypto before the second step can even take place.

This feature that allows cryptocurrency withdrawals directly from fiat currencies will save a lot of time and headaches to many stakeholders in the cryptocurrency industry.

Where Is the Feature Live

Unfortunately the direct to crypto wallet feature isn’t going to be rolled out across the globe immediately, instead Skrill is planning a phased release on the Paysafe integrated platform. As it currently stands the fiat direct to a crypto wallet feature will only be available in European Economic Area (EEA) countries. This undoubtedly is a big area but it is disappointing for users of skrill in other areas that the feature will not be available yet. Skrill management has indicated however that they do plan to launch the crypto wallet withdrawals feature in the UK and elsewhere in the near future so hopefully, the rest of the world won’t be waiting too long.

It seems the feature will be one that is hugely beneficial for all Skrill users with an interest in cryptocurrencies and it is undoubtedly true that the entire world has individuals who fall into this category so we’re sure Skrill will have recognized this fact and have made provisions for it.

There is currently no timeline for release in the UK and elsewhere but as Skrill has indicated it will be in the near future we can expect more news to be coming out about the additional release regions very soon.

Not only does Skrill plan to launch the feature in different economic areas, but the company is also in the planning and execution process of adding additional cryptocurrencies to its Paysafe platform in the near future. What this will mean is Skrill may become the go-to place for users that are looking to live a life that integrates cryptocurrencies into the day-to-day way of being. Perhaps Skrill and Paysafe may even become the new norm of payment processing for the throve of die-hard crypto enthusiasts that are gradually taking over the world.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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GameStop (GME) Surges by Over 50% Now amid C-suite Shake-Up

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GameStock (GME) stock has started its way higher again, gaining over 100% yesterday.

GameStop Corp (NYSE: GME) saw its share price surging by 103% on Wednesday as investors reacted positively to the resignation of the financial chief officer of the company. The shares also took another 83% surge in the after-hours trade of Wednesday according to the available data. The investors proceeded to push the price of the premarket trade on Thursday with a 44% surge. As the trading is going on today, GME stock is rising by 51% now.

It is said that investors and traders are hoping for a resurgence amid the expected resignation of the financial Chief Officer Jim Bell. It was disclosed that the decision was forced by the board and Ryan Cohen, a GameStop Corp investor and the co-founder of Chewy, an online pet and food retailer. This is expected to be done on March 26.

In a filing with the Securities and Exchange Commission (SEC), the company denied all allegations of forcing Bell out due to a disagreement on something related to the company’s operation. They stated emphatically that the resignation has nothing to do with contention relating to GameStop’s policies, operation, or practices which include accounting principles and practices. This is contrary to the reports that Cohen spearheaded an attack to get him out of the company to execute the transition online.

Cohen owns over 12% of the stocks of GameStop Corp through his company RC Ventures. Somewhere in November 2020, Cohen allegedly wrote a letter to the board of GameStop criticizing the executive team to force them to build a perfect e-commerce platform. In the letter, he stated that GameStop (GME) needs to evolve into a technological company that delights investors. Not just that, it should also deliver a top-notch digital experience instead of priding itself in being just a video retailer that only focuses on a brick-and-mortar footprint. Bell was the first casualty of Cohen’s leadership shakeup.

Jeffery Equity Thinks Bell Have No Issue with GameStop (GME)

Jefferies Equity analyst, Stephanie Wissink in a statement to the client’s acknowledged the effort of Bell during his tenure in the administrative setup of the company. It can be recalled that there was a sharp fall in sales during the late stages of the final hardware cycles. During that period, Mr. Bell led a series of actions that helped to protect the GME equity.

Wissink believes that the expected resignation of Bell was mutual, none Immediate, and not a product of misunderstandings or disagreement between him and the board as activist settlement mostly follows leadership changes. It was also disclosed that instead of looking for a CFO replacement with a retail background, the company will consider someone with a tech background as their primary focus is on e-commerce growth.

Bell refused to comment on the reports of his resignation. Currently, the company has consulted an executive search firm to find a Financial Chief who has the ability and the qualification to drive the company to its expected transformation.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Nash: Bridging Gap between Fiat and Crypto

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Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet.

Nash specializes in providing the best fiat/crypto gateway services for both retail and business customers, combining the lowest prices and fees with high-security wallets. This exchange service is fully licensed to operate in Europe.

For BTC, ETH, NEO and USDC, Nash offers 0% fees. This is possible because Nash operates its own crypto-crypto exchange. Nash’s unique Layer-2 exchange provides the same performance as centralized exchanges without taking custody of funds.

For other crypto assets, tradeable on Layer 1 user wallets, Nash charges just 1% fees, with no hidden slippage fees.

What’s more, Nash provides the safest software wallet by using secure multi-party computation (MPC) technology. MPC ensures a user’s full private key is never used to sign transactions and allows for security policies like address whitelists. Nash never has control over user funds.

On the business side, Nash offers its fiat gateway services as a white-label solution for third parties. Fees remain as low as 1%, with no tricks like huge asset mark-ups. Nash is a highly competitive solution for projects seeking a licensed fiat gateway for their platform and token.

Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet. Nash pays merchants the exact fiat price they set in their preferred national currency (€, £ or $) with 0% fees, managing risk around price volatility This is also possible thanks to Nash’s Layer-2 exchange.

In 2021, Nash will expand into digital banking services. High-interest DeFi-staking products will go live in Q2. In Q3, Nash will offer national currency checking accounts (with IBANs) on its platform. These will enable an even simpler savings product where users can easily deposit cash and lock it in a DeFi-powered crypto savings account. With a debit card arriving in Q4, Nash will seamlessly integrate traditional and crypto finance by the end of the year.

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Please check out latest news, expert comments and industry insights from Coinspeaker’s contributors.



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Fed Chairman Jerome Powell Said They Would ‘Engage with Public’ on Digital Dollar

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The Federal Reserve chairman said that they would opt for a public-centric approach on cryptocurrencies, however, would proceed with the digital dollar developments only after weighing the risks it poses to the US financial system.

While the CBDC developments across the world are catching up with the pace, everyone is closely monitoring any developments coming from the US. On Wednesday, February 24, disclosed additional details about their plans on the digital dollar. Speaking before the House Committee on Financial Services, Jerome Powell said that the US Federal Reserve would further “engage with the public” on the digital dollar this year. This is for the first time that Powell has given an official timeline for America’s CBDC developments.

Talking about the digital dollar project, Powell said:

“This is going to be an important year. This is going to be the year that we engage with the public pretty actively including some public events that we are working on, which I’m not going to announce today.”

Powell on Digital Dollar

Instead of taking upfront decisions and going to the public, Powell said the Fed would take an alternative approach. Rather, the Fed will directly talk to American citizens regarding the tradeoffs associated with the digital dollar project. Powell said:

“There are both policy questions and technical questions that relate between those two and they’re very challenging questions. We’re going to have a public dialogue … in the meantime we’re working on technical challenges and also collaborating and sharing work with other central banks around the world.”

However, Powell also maintains a cautious stand simultaneously. He stated that things will proceed further only after analyzing the risks to the stability of the US financial system. He also added that the digital dollar design should not “undermine … healthy market function.”

India Working on Its CBDC Project

On Wednesday, India’s central bank governor Shaktikanta Das said that the RBI has started its procedural developments to launch its digital currency in the country soon. “While we cannot guess the date of its launch, it is receiving our full attention,” he said.

However, Das has raised concerns that the use of public cryptocurrencies can undermine the country’s financial stability. The views of India’s monetary authority have been fundamentally opposed to the use of digital currencies. there have also been reports of introducing a ban for crypto use in India.

However, Das added that the Indian central bank is not opposed to the blockchain framework, the underpinning technology for cryptocurrencies. Instead, he added that they will leverage the blockchain’s benefits.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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