By
Godfrey Benjamin
April 23rd, 2024
Coinbase Commerce has updated its payment feature and added support for seven new digital assets, according to a new blog post.
The move is part of Coinbase’s drive to build products that will aid the mainstream adoption of cryptocurrency. The firm noted in its blog post that it was simply leveraging its network.
Coinbase Commerce Feature Update
Coinbase Commerce provides a secure and convenient means of payment. Earlier in the year, Coinbase launched the Coinbase-Managed Commerce merchants that allowed instant payments between Coinbase customers and merchants. However, the product was not well-received as users needed to pay fees for the transactions. Likewise, price volatility shortchanged merchants upon converting crypto to fiat.
With the new update, existing Coinbase users will be able to pay merchants on the Coinbase-Managed product with their cryptocurrencies without incurring additional costs. Such transactions will also occur instantly with auto conversion to ensure the amount sent is what is received. The update guarantees a seamless payment experience for payers and merchants moving forward.
Commenting on the product, Nathan Scherotter, Vice president at Constellation Brands, noted the importance of the Coinbase Commerce product for their new store, the Robert Mondavi NFT store. He said, “Without Coinbase’s Commerce product, we would not have been able to accept crypto for this project.” Scherotter noted that the product, team, and infrastructure made their crypto transactions seamless and guaranteed a huge win for the store.
Support for More Assets
Also, Coinbase has added support for seven more digital assets, bringing the total number of supported assets to ten. As it stands, the platform now supports BTC, ETH, USDC, BCH, LTC, DOGE, DAI, USDT, APE, and SHIB.
Merchants will be able to decide which cryptocurrencies they want to receive. They can then hold or use the auto conversion feature to get the dollar equivalent in minutes. However, the auto-conversion feature will only work within pre-specified limits for different currencies.
Coinbase has continued to roll out updates to outperform competition from other payment processing giants like BitPay, CoinGate, and Coinomi. Later in the year, the company plans to unveil even more Commerce updates.