Recently, Coinbase announced launching Coinbase Commerce, a PayPal-like plugin which would be integrated on merchant websites and used by customers to make payment from four different crypto options. Now Coinbase Commerce is finally available.
Coinbase Commerce is a new service that enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Its mission is to create an open financial system, so this solution was designed to serve merchants worldwide. Unlike previous merchant products offered by Coinbase, Coinbase Commerce is not a hosted service, so merchants have full control of their own digital currency.
The new platform’s feature is a Coinbase Commerce button, which is similar to the button PayPal. The button offers its merchants to place on their websites, which is possible via a plugin. Merchants are able to accept payments for goods and/or services, as well as donations. Checking out, or making the payments, simply entails copying the wallet address or scanning a QR code.
“Coinbase Commerce can be directly integrated into a merchant’s checkout flow or added as a payment option on an e-commerce platform. With just an email address and a phone, merchants can sign up and begin accepting payments in Bitcoin, Bitcoin Cash, Ethereum and Litecoin,” the Coinbase team has written in its blog post.
Users can also create an API key to create and update charges using the Coinbase Commerce API. Moreover, Coinbase Commerce has integrated with Shopify, one of the largest multi-channel commerce platforms, and now is actively adding more integrations to make accepting cryptocurrency as easy as possible.
Coinbase is is the largest cryptocurrency exchange based in San Francisco. Founded in June of 2012, Coinbase is best known for its service that converts fiat into bitcoin, Ethereum, Litecoin or Bitcoin Cash. After raising $100 million last year, the exchange is valued at $1.6 billion. It claims to have served over 10 million users.
A couple of weeks ago, Coinbase announced its plans to implement SegWit (Segregated Witness) for Bitcoin in 2018 with a view to make Bitcoin transactions cheaper and faster.
Coinbase is not the only company to create such a platform as Coinbase Commerce. Its main competitor is Bitpay, used by Microsoft. Another rival is PayPal. However, it is expected that Coinbase’s platform will excel PayPal, as it is thought to improve the average amount of time needed to effect transactions. Coinbase Commerce also addresses chargebacks and fraud.