Coinbase Commerce to Make Crypto-Based Business Easier 🚨 This article is 7 years old...
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Coinbase Commerce to Make Crypto-Based Business Easier
3 min read
Updated: Nov. 7, 2019 at 5:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase Commerce could soon offer merchants and vendors a quick and convenient way of implementing crypto payment solutions on their platforms.
The major bitcoin trading and storage solutions firm, Coinbase, has recently announced that they are designing a new crypto payment option.This announcement was a welcome relief to vendors all over the world as it followed shortly after the major crypto payment processor, Stripe announced that they would end their support for bitcoin-based payments.
The new feature, dubbed Coinbase Commerce, will enable merchants and vendors to accept payment in several different cryptocurrencies. After payment, the funds will be sent directly to the merchant’s own wallet address.
According to a blog post published earlier this week, Coinbase stated that this new service has been developed in such a way that merchants and vendors can easily implement the service into their own respective platforms.
Coinbase is known as a cryptocurrency financial solutions provider as it allows users to convert fiat currency into Bitcoin, Ethereum, Bitcoin Cash, or Litecoin. The San Francisco-based company boasts over 13 million users and is valued at $1.6 billion. It’s newly launched payment system will likely up both its user base as well as its value.
After the crypto craze and bitcoin boom of 2017, cryptocurrencies have been introduced to the mainstream financial landscape. However, cryptocurrency remains on the outskirts of the mainstream as most users are still wary of the industry’s extreme market volatility as well as the growing impracticality of several blockchain networks.
For example, the Bitcoin network has become increasingly subject to slow transactions times and exorbitant transaction fees. In addition, the majority of investors bought cryptocurrencies as a long-term investment, which has put some strain on the supply and demand chain.
In January 2017, the major payment processor, Stripe, decided to put an end to its company processing bitcoin payments. The company stated that bitcoin has evolved to become better suited as a digital asset than a means of payment or exchange.
So far, Coinbase has yet to release the transaction fees which will be required to use the commerce service.
Ever since bitcoin’s establishment in 2009, thousands of other cryptocurrencies have been developed. Currently, there are roughly 1,500 cryptocurrencies available, with Bitcoin remaining the world’s highest rank by market cap.
The Ethereum network has also become hugely popular, perhaps in part due to its smart contracts features and technologically-advanced blockchain network.
Coinbase Commerce intends to add support for crypto payments made in ether, bitcoin, bitcoin cash, and litecoin. This service is already used by the e-commerce giant, Shopify, and is likely to become more widely integrated in the next few months.
