Coinbase’s retail payments platform continues to gain traction
By Bob Garcia
Cryptocurrency as a form of payment alongside fiat is still progressing, albeit slowly
One of the first-ever cryptocurrency wallet and exchange services is standing solid in the market, thanks to all the innovation and services available to its customers. Coinbase Commerce is a platform that was created to support crypto payments for internet retailers, and, in its two-year history, it just passed $200 million in total processed transactions. Based on information obtained by Cointelegraph, the US-based crypto exchange reported on March 26 that the reason for its success was, in great part, the more than 8,000 retailers that are using the platform for payment services.
The industry that serves online businesses is on the rise while the coronavirus pandemic is creating chaos in most of the traditional markets. This means that customers can continue using Coinbase Commerce to spend Bitcoin (BTC) to pay for products. According to John Zettler, product lead at Coinbase Commerce, BTC continues to have a great advantage and preference as a payment method among all available cryptocurrencies and payment methods that platform offers. “Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most,” said Zettler.
One of the biggest challenges for retailers is to adapt to the high volatility of the prices and that sometimes makes retailers not accept cryptocurrencies. Based on this platform’s success, it seems to be that retailers are warming up to the advantages that service does offer. BTC continues to be the most popular cryptocurrency, although, back on March 12, it suffered a downfall, which caused some stablecoins to pick up, leading to a transfer value hit $444 million, which is an all-time high.