Coinbase Commerce Update Overview
Coinbase Commerce is known for being a secure and user-friendly platform for making payments online. Earlier this year, Coinbase introduced managed commerce for merchants, enabling instant payments between Coinbase users and merchants. However, this product faced challenges due to transaction fees and the impact of cryptocurrency price volatility when converting to fiat. If you’re searching for affordable ways to deposit into crypto sites, check out our list with 130 payment options.
Advantages for Payers with the Update
With the new update, existing Coinbase users will no longer face extra fees when paying merchants on Coinbase Commerce using cryptocurrencies. Additionally, transactions will be completed instantly with automatic currency conversion to ensure that the amount sent equals the amount received. This update ensures smooth and efficient transactions for both payers and merchants.
Coinbase Commerce, a subsidiary of the Nasdaq-listed Coinbase Global, has announced its efforts to simplify cryptocurrency transactions and broaden payment options to support its mission of connecting businesses and consumers within the crypto economy.
Fast and Fee-Free Transactions
As part of its mission, Coinbase Commerce now enables fast and free payments between Coinbase users and merchants using its new functionality. By utilizing off-chain transactions, Coinbase’s exclusive access to both users and merchants allows for instant, no-cost payments. Coinbase defines off-chain transactions as account-to-account transfers that occur outside the blockchain via separate channels, enabling these benefits for Coinbase account holders.
Benefits for Merchants from the Update
Merchants concerned about price fluctuations will benefit from the immediate transactions and automatic currency conversion, ensuring they receive the correct amount from customers. Coinbase believes that reducing friction and improving flexibility in the crypto payment process for both parties brings us closer to widespread adoption and enhances the network effect of brands.
As the company expressed excitement about the new feature for the Robert Mondavi NFT store, Nathan Scherotter, Vice President of Direct-To-Consumer at Constellation Brands, the commerce client, commented: “Coinbase was the ideal partner for Robert Mondavi to launch our NFT project. Their product, team, and infrastructure worked seamlessly to enable smooth cryptocurrency transactions, automatic conversion, and easy integration.”
According to CryptoChipy, without Coinbase’s Commerce product, they wouldn’t have been able to accept cryptocurrency for this project, and the ability to offer instant and free payments represents a significant victory for the crypto industry.
Support for Additional Cryptocurrencies
Coinbase’s Commerce platform has expanded to include support for seven more cryptocurrencies. Now, merchants and consumers have access to a wide range of crypto payment options. Many users have requested that Coinbase allow payments with additional cryptocurrencies, and the company is excited to meet those demands. However, U.S. regulations pose challenges for American businesses in accepting smaller cryptocurrencies that aren’t classified as securities.
The platform now supports a total of ten digital assets, with the addition of seven more. Current supported assets include BTC, SHIB, ETH, BCH, USDC, LTC, DAI, USDT, DOGE, and APE. Merchants will decide which cryptocurrencies they accept, and the dollar equivalent can be quickly determined through either holding or using the auto-conversion feature. However, the auto-conversion function operates within limits set for specific currencies.
Zašto ovo stvarima
Coinbase’s mission is to bridge the gap between businesses and consumers in the cryptocurrency economy. The company is advancing its goals by simplifying and expanding the availability of cryptocurrency transactions. Developing products that enable crypto as a new financial system is an essential part of their strategic vision. Coinbase Commerce upholds this mission by offering secure and convenient payment methods. The company is taking another step toward mainstream adoption and leveraging the network effect of its brand by reducing friction and increasing flexibility in the crypto payment process for both sides of the ecosystem.
Završne Misli
As CryptoChipy noted, Coinbase Commerce’s update came shortly after DOGE, SHIB, and other assets were removed from the Crypto Earn rewards program by Crypto.com. Coinbase continues to innovate and release updates to compete with payment processors such as BitPay, CoinGate, and Coinomi. CryptoChipy expects Coinbase to release more updates to Commerce later this year.
