Could Online Payment Companies Provide A Tipping Point For Mass Crypto Adoption? Part 2

Could Online Payment Companies Provide A Tipping Point For Mass Crypto Adoption? Part 2

Table of Contents

  • Skrill CEO Lorenzo Pellegrino gave a crypto-centric interview to CEO Insider.
  • Revolut boss Nikolay Stornorov has been talking about his firm’s expansion plans.

Skrill on a Mission to Increase Adoption

The CEO of UK-based payment firm Skrill has also been speaking about his firms stake in the cryptocurrency sector. Skrill extended its footprint into the cryptocurrency space back in 2018, enabling its global users to buy or sell cryptocurrencies with just a few mouse clicks. The service offers access to a range of major coins, including Bitcoin, Ether, Litecoin, and Bitcoin Cash, among others. 

Although it’s not an exchange and more of a reseller, Skrill does also offer a few basic trading services to make investing easier. However, the overarching goal of the service is to make buying cryptocurrencies as easy as possible. One of the major barriers to cryptocurrency adoption is the complex infrastructure of exchanges and wallets, which is offputting to many newcomers. 

Skrill CEO Lorenzo Pellegrino stated in an interview with CEO World:

“We know many people want to experiment with cryptocurrency but don’t know where to start so we decided to make the entire process very straightforward, enabling people to start buying and selling crypto securely and almost instantly.”

Pellegrino is also particularly bullish on the future of cryptocurrency beyond a mere store of value. In the same interview, he spoke of his company’s role in helping to make cryptocurrency more acceptable as a mainstream means of payment, stating:

“One of our main business objectives is around making it possible to use cryptocurrency (or the value of it) in the real world, which our executive team supports. Through alternative payments installations [...], we are helping to evolve cryptocurrencies from being purely a trading commodity or store of wealth and bringing them into the real world.”

For crypto enthusiasts, this kind of approach from a traditional payment company should be heartening. Instead of taking an adversarial approach to crypto as alternative finance, Skrill has chosen to become a champion for mainstream adoption. Again, this underscores the critical role that a payment provider can play in helping to bring crypto to the masses. 

Revolut Expanding Global Footprint

Like Skrill, Revolut is another payment company that’s seen the opportunity to expand into cryptocurrency services. Another UK-based competitor to PayPal, Revolut has been offering a similar cryptocurrency service to Skrill’s since 2017. 

CEO Nikolay Stornorov recently announced his company was in expansion talks with investors. Revolut currently has a heavy focus on the European markets, where it has proven a hit with consumers due to its clean user interface and accessible services. Now, it’s seeking a $500m cash boost in an attempt to move into wider geographies, including the US and Japan. Revolut recently launched in Singapore, marking its first foray into the Asian markets. 

Both Revolut and Skrill have a similar goal concerning their cryptocurrency strategies - making it easier to onboard users. Therefore, this expansion plan could see an uptick of cryptocurrency adopters in Asia, if Revolut manages to replicate its European success across the region. 

Unlike Europe, Asia doesn’t have a common currency area, meaning that Revolut’s low-cost foreign exchange services are likely to prove even more attractive to travelers there. Once a user has an account, it’s easy enough for them to use their balance to make a Bitcoin purchase.

With the big payment firms moving to embrace cryptocurrencies and shift into new markets, it seems more likely than ever that a tipping point for mass adoption will come sooner rather than later.  

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