Merchants who use a leading cryptocurrency company for their commerce solutions now have the option to accept several additional cryptos for payment. Here are the details.
Faster Payments: Coinbase Commerce, a unit of Coinbase Global COIN announced an update Tuesday that includes faster payment and more cryptocurrency options for its merchant partners.
Coinbase launched instant and free payments from Coinbase users to Coinbase merchants earlier this year.
“This new feature leverages Coinbase’s unique access to both Coinbase customers as payers and to merchants as payees to enable instant, free payments using off-chain transactions,” the company said.
Coinbase said off-chain transactions are cheaper and faster, which allow for faster settlement.
“Following this launch, existing Coinbase users will be able to complete crypto payments for free if they are sending money to a Commerce merchant on our Coinbase-Managed product, and funds will be settled to the merchant instantly.”
Instant transactions and auto conversions are expected to help with merchants worried about price volatility around cryptocurrencies.
Additional Cryptocurrencies Added: Coinbase announced the addition of seven cryptocurrencies added to the Commerce platform Tuesday. The additions come from requests of users, according to the company.
The cryptocurrencies now accepting for Coinbase Commerce merchants are:
USD Coin USDC/USD
Bitcoin Cash BCH/USD
Shiba Inu SHIB/USD
“Merchants can easily manage which cryptocurrencies they want to accept, turn off the ones they don’t, and choose to hold or auto-convert any cryptocurrency balance to USD,” Coinbase said.
Why It’s Important: Coinbase has a goal of connecting consumers and businesses in the cryptoeconomy.
“By making cryptocurrency transactions easier and more accessible, we are continuing to drive towards this goal,” the company said.
Safe and convenient payments are among the company’s key strategic pillars.
Coinbase Commerce has been used by partners that include Sotheby’s, Yuga Labs and Constellation Brands STZ.
“By removing friction and increasing flexibility within the crypto payment process on both sides of the ecosystem, we are taking another step towards mainstream adoption and leveraging the network effect of our brand.”
COIN Price Action: Coinbase shares are down 8.92% to $50.97 on Tuesday.
Photo: Courtesy of PiggyBank Canada on flickr