Coinbase Launches Cryptocurrency Commerce Service For Merchants; Partners With Shopify

Coinbase has launched a new Commerce service self titled Coinbase  Commerce to help online stores handle payments in four leading  cryptocurrencies – BTC, ETH, Bitcoin Cash, and LTC, according to Coinbase in a Medium post. 

The company seeks to expand its market by letting potential merchants  add cryptocurrency payments into their portfolio allowing the seamless  mainstream adoption of cryptocurrency to complete its mission to “create  an open financial system.”

 Online retailers and big and small businesses everywhere can now use  Coinbase Commerce to accept Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum  (ETH) and Litecoin (LTC) payments for services and goods directly into a  user-controlled wallet. 

The developers of Coinbase Commerce say that the new service can be  easily integrated into a merchant’s checkout. Requiring only an email  address and a phone, merchants can sign up and begin accepting crypto  payments for their stores. The service has already been integrated with  Canada-headquartered Shopify (NYSE: SHOP), which is one of the  largest multi-channel commerce platforms, sporting an impressive 500,000  retailers with a total gross merchandise volume exceeding $45 billion a  year. 

The best part is that the service isn’t only limited to the U.S. but is  allowing businesses worldwide to accept cryptocurrency for goods and  services. 

Coinbase reportedly made $1 billion in revenue last year, according to Recode, and the cryptocurrency exchange claims to have served over 10 million users on its platform. 

This comes as world leaders are calling for a “clamp down” on cryptocurrency and planning  to meet in March at the G20 and discuss regulations for digital  currencies. Major banks also recently banned credit card purchases of  cryptocurrency citing anti-money laundering regulations for the move, as  well as the potential for thieves to convert stolen credit cards into  cryptocurrency stashes. 

In August of last year, retail giant Overstock.com started accepting cryptocurrency payments, integrating with ShapeShift,  allowing customers to purchase goods from its popular website. The move  by Coinbase may enable other businesses to easily integrate and start  accepting payments in the four leading cryptocurrencies minus Ripple. 

This incredibly positive news about Coinbase has given the market  confidence again, as Bitcoin has risen to the psychological 10K mark  again, after losing 60% of its value due to a negative news cycle which  took away investors confidence and caused a week-long bloodbath. 

Bitcoin is currently trading at [FIAT:  $10,101.00 )after dipping slightly from its earlier height of 10K according to Coin Market Cap at the time of this report. 

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