On 14th February, digital asset exchange company Coinbase went live with their newest venture, Coinbase Commerce. Coinbase Commerce claims to be the easiest way for merchants to accept digital currency and therefore can be seen as another step towards cryptocurrency being used successfully in the mainstream.
What is Coinbase Commerce?
Coinbase Commerce is able to accept multiple cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin and Ethereum, directly into a user-controlled wallet. Coinbase Commerce, unlike previous merchant products offered by Coinbase, is not a hosted site, meaning merchants have full control of their own digital currency. This, combined with the user-controlled wallet, means both customer and merchant have more control than ever.
How easy is it to use?
Coinbase Commerce can be directly integrated easily into a merchant’s checkout flow and as a payment option on an e-commerce platform. Coinbase can be easily accessed by a merchant, who will just need an email address and phone number to sign up to the system. A matter of minutes from sign up, a merchant is able to begin accepting cryptocurrencies and the option can be found next to previous credit card and PayPal options supporting cryptocurrency as a mainstream payment option.
With Coinbase Commerce’s global launch and its ability to accept all digital currencies across the e-commerce platform, it is undoubtedly a step towards the mass adoption of cryptocurrency. After a popular e-commerce payment enabler announced plans to end support for Bitcoin last month, the gap in the market for the Crypto community will be filled by Coinbase Commerce’s new options for online merchants. With Coinbase being valued at over $1.6 billion and claiming to have served over 10 million users, Coinbase Commerce is a stepping stone for the wider and easier use of cryptocurrencies.
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