As online shopping is showing a huge growth amid the global pandemic, the crypto industry also witnesses an increasing result in online retail sales.
Coinbase Commerce, a digital payment service that allows merchants to accept payments in a variety of digital currencies, has already processed over $200 million in total transactions since its start two years ago.
The transactions were made by the network of around 8000 integrated retailers that accept cryptocurrencies next to their other payment forms. The payments are received directly into a merchant-controlled wallet.
According to John Zettler, product lead at Coinbase Commerce, Bitcoin (BTC) is still the most widely-used cryptocurrency on the exchange’s Commerce platform:
Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most.
The platform currently accepts and processes major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), USD Coin (USDC), and recently added DAI.
Coinbase Commerce integrates with a merchant’s checkout workflow or can be added as a payment option on the shopping portal. The Coinbase Commerce accounts are completely separate from the standard Coinbase trading accounts that are used for trading and investing in cryptocurrencies.
Use of stablecoins is surging
The USDC was integrated to the Coinbase Commerce platform last year. The stablecoin is developed by Circle and Coinbase and is fully backed by the US dollar. Currently it has reached a market capitalization of over $689 million and is among the leading stablecoins in the world.
The platform also added DAI, a stablecoin from MakerDAO, as a supporting payment method last month.