Coinbase, one of the leading cryptocurrency exchanges in the world, has recently launched Coinbase Commerce with an aim of attracting new merchants to its platform.
The solution will look to enable merchants using the service to accept cryptocurrency directly as payment into a user-controlled wallet. It supports multiple cryptocurrencies, while merchants will have the option to accept payments in Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Coinbase, in its announcement post, wrote: “Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide.”
With this merchant specific solution, Coinbase is directly targeting the established fintech players like Paypal and blockchain firm Bitpay, which is currently dominating the market with its cryptocurrency payment acceptance services.
Unlike most of the merchant products, Coinbase Commerce is not a hosted service, so merchants will have full control of their digital currency. Targeting both large and small-scale businesses, Coinbase kept the integration process of Coinbase Commerce very simple on the merchants’ part. Any merchant can sign up using only an email and a valid phone number.
Moreover, Coinbase is entering into a partnership with e-commerce giants to integrate the new system on their platform. Canadian multi-channel commerce platform Shopify has already integrated Coinbase Commerce, and any merchant on the platform can use the new service.
Meanwhile, amid the ban on using credit cards for purchasing cryptocurrencies by three leading banks in the US, Coinbase stopped accepting any new credit card registrations on its exchange platform for buying digital coins. The exchange will, however, allow the usage of already registered cards, provided the card issuer bank supports such transactions.
“We are actively working with card networks and card issuers to find a long-term solution. For customers in the UK, EU, Canada, Australia, and Singapore, we are collecting feedback and evaluating similar changes” Coinbase said.