Last month the popular payment platform, Stripe, announced to end support for Bitcoin till April, however, Coinbase just jumped in to fill the gap.
The major cryptocurrency exchange announced the launch of Coinbase Commerce, an option for online merchants to accept payments in crypto.
“Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide,” wrote in its announcement post.
We’re excited to be offering merchants the ability to accept multiple types of digital currencies into user-controlled HD wallets.
— Coinbase (@coinbase) 14 February 2018
The Coinbase Commerce will enable merchants to keep the cryptocurrency payment option as a separate option or just add it to their existing payment flow. The solution supports multiple cryptocurrencies giving merchants the choice to accept payments in Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Unlike Coinbase’s previous retailer option, this one is hosted independently of the exchange which means that merchants can receive payments in their own digital wallets. And the most exciting part is that it’s supported worldwide.
The service can be used by any merchant but for now, the first ever e-commerce platform to integrate ‘Coinbase Commerce’ is the Canadian Shopify that claims over 500,000 merchants worldwide.
With this new solution, Coinbase directly competes with the already established players in the market like PayPal and Bitpay, which also offer crypto payment acceptance services.
Although they have introduced a much flexible payment service for merchants, many are still reluctant regarding the crypto price volatility and high transaction fees. For instance, Steam, an e-commerce company stopped supporting Bitcoin on account of increasing transaction costs.
Then there are the confused cryptocurrency holders. As cryptocurrency prices underwent a deadly dip after hitting all-time highs, crypto holders can’t decide whether to spend their digital assets or hold them in hope that the prices will surge again.
Bitcoin hit its all-time high i.e. almost $20,000 in December last year but after taking a deep fall, trades around $9,000 currently.
However, Coinbase has provided an efficient solution to buy and sell cryptocurrencies.
Coinbase is one of the largest cryptocurrency exchanges, currently valued at $1.6 billion after raising $100 million in August last year.