Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from Coinbase Commerce.

A Coinbase Commerce report shows that on 3-26-2020, clients made bitcoin transactions that helped the company surpass a goal of $200 million in transactions since it launched the payments portal. The results come from an enormous network of eight thousand retailers that accept cryptocurrencies together with other methods of payment.

BTC Preferred Over Other Cryptocurrencies

The news is great for those who encourage the adoption of Bitcoin (BTC) and cryptocurrency altogether. The COVID-19 crisis doesn’t seem to have affected the way people use digital money. However, the situation is not the same for merchant crypto payments, as John Zettler, Coinbase Commerce product’s lead, said there hasn’t been too much activity in this area in March.

He added that money comes very often in BTC but didn’t mention the exact usage breakdown of crypto-by-crypto. People seem to prefer BTC more than other digital currencies. Here are his exact words about how customers at Commerce feel about this digital currency:

“Merchant customers often tell us it's the crypto they're most familiar with and the one they trust the most.”

USDC Is Also Growing

Coinbase is also witnessing an increase in stablecoin based payments, especially in its own USD coin that’s dollar-pegged, USDC. Zettler mentioned USDC is leading the growth pack and is expected to have a material growth through Q2 and Q3 of 2020. Support for USDC was added by Commerce back in May 2019.

Zettler further said that Coinbase is working to improve Commerce’s features so that merchants’ demands are being met. The service was launched for refunds and with the intention to normalize the crypto e-commerce space. At the moment, crypto is only an insignificant e-commerce method, with a $3.5 trillion sales marketplace in 2019.

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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