Coinbase Commerce, Coinbase’s app for online retailers, has already processed more than $50 million in transactions since its February 2018 launch, the crypto exchange revealed.
The app lets merchants easily accept crypto payments and was built to be easy to integrate into existing payment flows.
Merchants simply create an account and set up a non-custodial wallet with which they will receive crypto payments. Merchants then need to withdraw the crypto funds and sell them in order to turn them into fiat currency.
Non-crypto companies joining
Coinbase Commerce launched with e-commerce giant Shopify as a major integration, and has since added integrations with Magento, OpenCart, PretaShop, and WooCommerce.
“Volumes really started picking up in Q2 ,” Justin O’Brien, the product lead for Coinbase Commerce, told crypto news site CoinDesk. “They’ve been on an upward trend since we launched.”
O’Brien explained that Coinbase Commerce started as a minimum viable product for crypto enthusiasts, but has since grown into a full-featured merchant utility app that makes adoption easier. Most merchants who sign up for Coinbase Commerce tend to keep their accounts live, he added.
The app has an experimental point-of-sale feature built into in, but it has by and large been operating within the realm of e-commerce. Crypto companies that provide portfolio management tools and taxation services have made Coinbase Commerce a well-known utility in the crypto space.
Non-crypto companies, however, are already joining the network. O’Brien mentioned a grocery store in Madagascar that it using the app to accept crypto payments.
More coins supported
Coinbase Commerce launched with support for BTC, BCH, LTC, and ETH. Circle’s USDC stablecoin, which is supported by Coinbase, was added to the list of supported cryptocurrencies just this week thanks to the new CREATE2 feature in Ethereum’s Constantinople update.
Stablecoins are an appealing prospect for merchants who want to accept crypto payments without having to worry too much about price volatility. O’Brien, however, pointed out that the somewhat more stable state of the current crypto market has also helped convince users to spend their crypto.
As O’Brien puts it, when there is less market volatility, “people are more likely to actually spend their cryptocurrency rather than hold onto it.”