Coinbase, one of the top cryptocurrency exchanges in the world and arguably the largest fiat-to-crypto exchange in the U.S. just came out with a new feature that could possibly disrupt the digital payment industry.
In a Medium blog post, the Bay Area company announced that it will be introducing Coinbase Commerce — an easy and convenient way for merchants to accept digital currencies. Merchants all around the world can now use Coinbase Commerce to accept Bitcoin, Bitcoin Cash, Ethereum and Litecoin payments for their products/services.
Coinbase Commerce Explained
In its essence, Coinbase Commerce is a new service that enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. According to Coinbase, there are a lot of advantages to their new product:
“Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide. Unlike previous merchant products we’ve offered, Coinbase Commerce is not a hosted service, so merchants have full control of their own digital currency.”
Source: Coinbase Commerce
“Coinbase Commerce can be directly integrated into any merchant’s checkout flow or added as a payment option on an e-commerce platform,” Coinbase also said. The service is also highly accessible, as merchants can sign up with just their email address and phone number, and once their application is approved, they can start receiving payments in Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Shopify, one of the world’s largest e-commerce platforms, has already integrated Coinbase Commerce into their platform, Coinbase announced.
Source: Coinbase Commerce
With this new service, Coinbase is aiming to revolutionize e-commerce, as more and more merchants are beginning to accept cryptocurrencies as a payment method. Several notable examples are Overstock.com, Expedia Inc., and Microsoft Corp.
Coinbase, the digital currency exchange based in San Francisco, was founded in 2012. Along with the rise of Bitcoin and other cryptocurrencies in 2017, Coinbase’s user base experienced a meteoric growth as well. Last November, just a day after CME announced that it will be adding Bitcoin futures to its offerings by the end of the year, Coinbase gained over 100,000 users in a single day.
— Alistair Milne (@alistairmilne) November 2, 2017
Coinbase is the largest bitcoin exchange in the U.S. and one of the most popular ways to buy and sell digital currencies such as Bitcoin, Ethereum and Litecoin. According to data from Coinbase’s website, the company has 11.9 million users as of November 2017.