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Skrill Joins the Cryptocurrency Trade - Global Coin Report
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Skrill Joins the Cryptocurrency Trade

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Skrill
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A popular mobile payment operator and an online wallet, Skrill, has decided to add buy and sell options for cryptocurrencies as its newest feature. The wallet will allow fiat-to-crypto trading, as a result of a new wave of crypto frenzy.

Skrill soon to feature crypto buying and selling options

A lot of people are already familiar with Skrill – a well-known payments service that is one of PayPal’s larger rivals. Skrill is also known for being a digital wallet, and a part of the Paysafe Group. Now, Skrill has made a large step forward by opening up to cryptocurrencies, at least to some extent.

According to new reports, Skrill has decided to add buying and selling options for cryptos within its platform. The payment service has decided to open up these options to users in 30 different countries. For now, the service is planning on supporting Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH).

To achieve this, Skrill launched Skrill Cryptocurrency Service via an exchange that was not yet revealed. This unknown exchange will be the crypto holder for Skrill. This is a bit of a negative news since it means that users will only be capable of selling and buying an interest in cryptos. As for the cryptos themselves, at this time, users will not be able to own them. This also means that paying with cryptos or sending crypto holdings will not be possible at first.

However, Skrill has stated that it plans to expand the possibilities of the service in the future, meaning that it is only a matter of time before these features actually become a reality.

Even though the service doesn’t allow the actual purchase and sale of cryptos as of yet, Skrill still mentioned the ease of use of the new features. In a recent press release, it was mentioned that the process is really simple and that it requires logging into the user account, choosing the ‘Exchange’ option, and that is it. The possibilities of selling, buying, or even just holding cryptos are only a few clicks away.

Lorenzo Pellegrino, the CEO of NETELLER and Skrill, stated that the crypto trading has become very dynamic and exciting. Because of that, the company’s wallet is practically lending itself to the crypto holders. Adding the possibility of buying and selling cryptos within the app itself will be more than appealing to customers interested in the new trend.

Additionally, Pellegrino stated that the company is convinced that the overall interest in cryptos is growing and that there are many users who would want to experiment with trading cryptos. However, their problem is that they don’t know where to start, and are in need of a simple and straightforward process, which is exactly what Skrill is bringing to them.

For now, the service is still in development, but it is expected to go live and join Skrill’s mobile app, as well as Paysafe’s NETELLER in a couple of months.

Financial services make a move on cryptos

It is interesting that the company has decided that now is the right time to make such a move, especially considering that a lot of other financial services are thinking of doing similar things. Interest in cryptos continues to grow, and financial institutions and services are realizing that joining the trend can be much more profitable than denying its existence.

Robinhood app, which has launched its Robinhood Crypto service, has been able to start expanding across the US immediately after raising up to $363 million. Baiju Bhatt, the firm’s CEO, stated that various sovereign nations will certainly start accepting cryptos before long. He even believes that cryptos will become default currencies for the world’s nations at some point in the future. This is why Robinhood, and others like this firm, are taking a lead. In fact, Robinhood is even discussing the possibility of offering full banking services, as some reports claim.

Similarly, the company called Circle, which is backed by Goldman Sachs itself, has purchased Poloniex earlier this year and has paid $400 million for it. Square Cash application has started providing its users with buying and selling options for Bitcoin, recently. Also, in May, CryptoGlobe issued a report in which it claims to have earned over $200,000 by providing crypto services. Not only that, but this amount comes without calculating the changing fees.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering…

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Crypto Market is Not Free from the Bearish Trend Yet

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Investors and traders are still speculating over the bullish trend that shook the market this past seven days. However, amidst the joy of the price hike in the industry, some people are still cautious. A crypto trader with the twitter handle of BTC_Macro is advising other players in his tweet to be careful. According to him, the bearish cryptocurrency market is not over yet.

In the tweet, the user admonished players in the market not to listen to the people saying that the bears have given up. It went further to say that Bitcoin may still plunge uncontrollably anytime even if it breaks the $6K mark. When this occurs the twitter user continues, any scenario may occur. The advice is that players in the crypto market should be on the neutral side. According to the user, it is not safe to be on the bullish side or the bearish side. Instead, players should be on their toes without bias.

How Trader reacts to price movements

Over time, it has become evident that many traders usually go against the market majority during bearish or bullish trends. Well, there is usually some logic backing up the reactions.

It is true that we have seen the longest bearish trend in the history of cryptocurrencies. Everybody who has a stake in the crypto market is expecting the day of the bull’s rise…

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The Interoperability Problem of Blockchain May Soon Be Over

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Kardiachain
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Crypto traders have certainly had a rough time since early 2018. The markets have tanked resulting in large losses for nearly everyone involved in the market. While that’s bad, what’s even worse is the fact that many projects have failed to deliver on their roadmap. Blockchain technology has been hailed as the next great advance in technology. And while many companies are making strides toward fully implementing blockchain-based technology, there is still a long way to go. As promising as blockchain technology is, there are still limitations that need to be addressed.

Limitations of Blockchain Networks

Although blockchain technology is certainly the future, the existing technology will need to be improved before it can go mainstream.  A few of the current limitations include:

  • Limited Scalability – Blockchain networks have consensus mechanisms that require each node to verify a transaction. This verification requirement slows down the network and limits the total number of transactions that can be processed.
  • Limited Usage – Each blockchain network was created with specific usage in mind. Because of the limited number of use-cases, each network eventually suffers from a never-ending loop of limited adoption. In the end, this causes low awareness.
  • Lack of Interoperability – At present, individual blockchain ecosystems are unable to communicate with each other. If a blockchain network attempts to retrieve information from an external (outside the “chain”) source, each node would have to…
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