Coinbase, San Francisco-based crypto exchange, has announced that its service for merchants Coinbase Commerce now supports the US dollar-backed stablecoin USD Coin (USDC). Companies are now able to accept payments online in the same way they accept cash in-store.
Starting today, businesses using Coinbase Commerce can now accept payments in USD Coin (USDC), a US dollar-backed stablecoin. Our merchants can now take advantage of the many benefits of accepting cryptocurrency but at a stable price. Learn more: https://t.co/zpht5Io5qA pic.twitter.com/Ebga1MeC5w
— Coinbase Commerce (@CommerceCB) May 20, 2019
Coinbase Commerce is the exchange’s service that enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Launched in 2018, Coinbase Commerce serves merchants globally. Unlike previous services launched by Coinbase for merchants, Coinbase Commerce provides users with full control of their own digital assets. Initially, Coinbase Commerce was integrated with e-commerce platform Shopify. Later, a plugin for WooCommerce was rolled out as well.
The key feature of the service is a Coinbase Commerce button which offers merchants to place on their websites via a plugin. Merchants can accept payments for goods and services and donations. Checking out, or making the payments, simply entails copying the wallet address or scanning a QR code.
Initially, payments in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC) were available. Now, USD Coin is accepted. As the company stated in a blog post, the initiative gives merchants numerous benefits of accepting cryptocurrency at a stable price, as there are no transaction fees, no chargebacks, and merchants have full control over their funds.
“Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account. Merchants can accept payment in USDC from customers around the globe in minutes with zero transaction fees.”
To start accepting USD Coin on Coinbase Commerce, all you need is to sign up. For existing users, no action is required.
Coinbase’s Persistent Expansion
Coinbase apparently sees great potential in USD Coin. Earlier this month, the exchange added USDC trading to customers in 85 countries. As the company stated then, stablecoins like USDC could protect against inflation those countries where consumer prices are expected to inflate by 10–20% in 2020, for example, in Argentina and Uzbekistan. In addition, the company launched crypto-to-crypto trading services in 50 new countries. As a result, Coinbase now has a presence in 103 jurisdictions.
The company’s Earn program has also expanded to 103 countries. That program that started in December 2018 allows Coinbase users to earn cryptos for answering quizzes, completing tasks, and trying new decentralized protocols. Users from the U.S., U.K., EU, Canada, Singapore, Australia, Hong Kong, New Zealand, South Korea, Taiwan and most of the EU countries can sign up to earn cryptocurrency rewards for learning about the tech. For those countries were Earn is not available yet, users will be able to get verification and become part of the waitlist.
In the near future, Coinbase is expected to introduce its debit card in the US. Successfully launched in Europe, the card supports all the cryptos available for transactions on the Coinbase platform. Customers are able to pay for most of their daily purchases and use the card everywhere. Soon, the US customers will enjoy the card’s benefits as well.
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