Coinbase Commerce Attempts at ‘Be Your Own Bank’ & Launches a Self-Custody Crypto Wallet
Coinbase has released Coinbase Commerce to allow businesses and merchants to accept cryptocurrencies.
“With Coinbase Commerce, we’re building the most trusted and secure way for merchants anywhere in the world to accept cryptocurrency payments, and in turn, enabling more ways for customers to spend their crypto,” said John Zettler, Senior Product Manager at Coinbase.
The latest service by the San Francisco-based exchange is advertised as fast and free, where it gives full control of the crypto ownership to the merchant itself.
With no middleman, the idea is to allow everyone to “be your own bank.”
An Open Finance System
Coinbase’s latest step is towards the company's mission to create an “open financial system” where it wants to help connect an increasing number of participants in the crypto-economy, reads the official announcement.
Commerce merchants were needed to transfer their crypto to an exchange before selling their crypt for cash or fiat-backed stablecoins, but with Coinbase Commerce, they can convert their crypto payments into USD, EUR, GBP, or USD Coin right from its platform for a 1% fee.
For now, the service is available for merchants with Coinbase.com accounts; connection for Coinbase Prime or Coinbase Pro accounts will be coming soon.
According to Coinbase, decentralized finance is an important part of growing the crypto-economy; thus, they now support new Dapps on its Coinbase Wallet – the “self-custody crypto wallet app.”
Wallet users can now also sign-up and purchase cryptos right from the app — a feature available on Android devices in the US that will soon expand to iOS and more countries.
The exchange is cutting down the extra step of buying the crypto from an exchange and then transferring it manually to Wallet apps.
Most of the assets supported by the exchange are available within the Wallet, which supports debit card purchases. Wallet users can now store their crypto, send them or start using dapps like Uniswap and Compound from one place.
“With the addition of a simple and secure fiat onramp service, developers can build dapps with just one easy app install for their users,” said Sid Coelho-Prabhu, Group Product Manager at Coinbase.