Coinbase Commerce has added support for seven more cryptocurrencies and enabled instant, fee-free payments.
The largest US-based crypto platform says consumers tell it that fees are a key reason they choose not to pay in cryptocurrencies. Merchants, meanwhile, want to be paid instantly and not wait around for an on-chain transaction to complete.
By leveraging its position of having a large customer base as payers, Coinbase is able to use off-chain transactions for instant and free payments to Coinbase-managed Commerce merchants.
Nathan Scherotter, Vice President of Direct-To-Consumer at Commerce client Constellation Brands, commented:
“Coinbase was the perfect partner for Robert Mondavi to launch our NFT project. The product, team and infrastructure allowed for seamless crypto transactions, automatic conversion, and easy integration.
Without Coinbase’s Commerce product we would not have been able to accept crypto for this project, and being able to offer instant and free payments is a huge win.”
Merchants who aren’t comfortable with crypto’s current volatility for their earnings can have the payment automatically converted to US dollars.
BTC, ETH, USDC, BCH, LTC, DOGE, DAI, USDT, APE, and SHIB are supported by Coinbase Commerce. Merchants have complete control and can opt not to accept certain cryptocurrencies.
(Image Credit: Coinbase)
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The post Coinbase Commerce adds seven cryptos, instant fee-free payments appeared first on The Block.
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