Soon it could get much easier for merchants to accept cryptocurrencies, both online and in stores, which could be a boon for consumers who hold digital currencies but who have had difficulties using them as a means of payment.
Coinbase, which is a popular cryptocurrency exchange based in San Francisco, just announced that it was starting a service called Coinbase Commerce to facilitate international cryptocurrency payments.
The company said that with Commerce any business in the world can accept Bitcoin, Litecoin, Ethereum and Bitcoin Cash. They further said that Commerce can easily be integrated into the checkout flows of brick and mortar stores, and it can also be used a payment option for online stores, in a similar way as PayPal. What’s more, signing up for the service only entails providing an email address and a phone number, and the company says that accounts can be set up in a matter of minutes.
Once a merchant has set up an account with Coinbase, payments get directly transferred to the merchant’s digital wallet. As Coinbase Commerce is not a hosted solution, merchants have full control of their funds.
Coinbase Commerce has already landed a big customer: e-commerce giant Shopify, which has in excess of a half million merchants and had already provided their users with means to accept Bitcoin. They did, however, lose one of these options because of Stripe’s recent announcement that it would no longer accept Bitcoin. Stripe is one of the largest payment processors, and Spotify customers often use it.
Coinbase further said that it expected to soon add additional integrations to other e-commerce platforms.
In a blog post on the company’s website, Coinbase said that their ultimate mission is to create an open financial system, and that they see Commerce fitting well into this goal.
Coinbase, which received $100 million in financing in 2017, is reportedly worth $1.6 billion after generating around $1 billion in revenue last year. It is further said to have more than 10 million users.