On the eve of 2020, the cryptocurrency industry is replenished with new, more functional tools that are designed to significantly simplify the process of implementing payments.
The vast majority of users closely follow the latest news in the field of buying, selling and exchanging cryptocurrencies. And payment companies, in turn, are trying to provide new services and products for the crypto community and improve existing functionality.
Many people know that last year there was a merger of traditional payment systems with cryptocurrency-Skrill and PayPal are ready to introduce new opportunities for buying and using digital currencies. This once again shows that well-known payment systems are striving for progress, considering cryptocurrencies a promising area. However, the work done is not enough, and there is still a need to implement the plan.
And the online platform Skrill recently announced the launch of a service for the purchase and sale of cryptocurrencies, which will allow users to exchange bitcoins for other cryptocurrencies.
For more than a year, Skrill has been offering a convenient and simple gateway for converting Fiat into cryptocurrency. Users have the opportunity to exchange cryptocurrency for rubles and Vice versa, using a credit card or Bank transfer. The new gateway service provides access to digital currency for both active and novice users.
The only problem that traditional platforms specializing in the exchange of bitcoin cryptocurrencies have to face is the storage of tokens. The Skrill platform manages to partially solve this problem by providing custodial services through a service that provides remote storage of users ‘ assets. However, there is no direct access to them.
Along with the Skrill payment system, the online payment giant PayPal is also doing its best to support cryptocurrency startups. For example, the company first invested in the Cambridge Blockchain company. The main direction of this startup is to help financial institutions manage confidential data using blockchain. Overall, Cambridge Blockchain has raised more than $ 3 million from several sponsors, including PayPal. The main activity of Cambridge Blockchain is the storage and verification of data using the blockchain. The projects of this startup are related to client identification (KYC), which is mandatory for opening accounts in banking and other financial institutions. The same check is often required to pass and cryptocurrency exchange exchanges.
In addition, PayPal Ventures is investing in an analytical blockchain company that helps the crypto industry integrate into financial institutions. PayPal started this activity after it left the Libra consortium a few months ago.
Another Wirex platform has found a different way to implement cryptocurrency. The company uses payment traffic from Visa to develop a reward program based on digital currency. The program connects directly to the new Visa Travelcard.
All these programs have only recently been launched and it is too early to judge how quickly they will be accepted by ordinary users. However, one thing is already clear-traditional payment systems are getting closer to cryptocurrencies, funding startups and introducing new tools based on them. All these solutions make it much easier for users to buy, sell, and exchange digital assets.