Business coinbase Coinbase Commerce Commerce Payments

Coinbase’s Retail Payments Wing Crosses $200M in Transactions


Virus or not, people are still paying for goods in bitcoin.

That’s the verdict from new numbers out of Coinbase’s retailer payment portal Coinbase Commerce, which on Thursday passed a milestone in its two-year history: $200 million in total transactions processed. 

That comes from a massive network: 8,000 integrated retailers now accept cryptocurrencies alongside their other payment streams. It’s a bright spot for adoption in an otherwise topsy-turvy time for bitcoin and cryptocurrency at large, which, like so much of the world, has been struggling to price in COVID-19. 

Not so for merchant crypto payments, though. Commerce product lead John Zettler told Coindesk that the team hasn’t seen any change in activity over March.  

Money comes more often than not in bitcoin, Zettler said. He did not provide an exact crypto-by-crypto usage breakdown, but noted that bitcoin is far and away customers’ method of choice.

“Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most,” he said. 

Even so, Coinbase is seeing a surge in the use of stablecoins for payment, particularly its own dollar-pegged USD Coin (USDC). USDC leads the growth pack, Zettler said. He expected to see “material growth” in stablecoin use across Q2 and Q3.  

Coinbase plans to keep building out Commerce’s features in response to merchant demands, Zettler said. Most recently it debuted a “refunds” service, calling it the “next step” in normalizing crypto e-commerce.Crypto still has a long way to go. It remains a miniscule payment method within the hukling global e-commerce marketplace that totaled $3.5 trillion in sales in 2019.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Source link

Related posts

BTSE Exchange Plans $50M Token Raise on Blockstream’s Ethereum Rival Liquid

topicotelegraph

Canadian Government-Assisted Bitcoin Miner Files for Bankruptcy Owing Millions

topicotelegraph

What Is Going On With Jae Kwon and Cosmos?

topicotelegraph