Coinbase Commerce Welcomes Dollar-Backed USD Coin (USDC) Stablecoin to its Platform
Cryptocurrency adoption is the key goal for the industry. A world where various cryptocurrencies or one digital asset (depending on your stand) will be used as a global tool of exchange. The industry is yet to catch on the vibe widely across the globe but with the rapid developments taking place in the industry, adoption of cryptocurrencies as currency is a question of when not if.
The recent announcement on Coinbase Commerce confirmed the USD coin (USDC) is now acceptable for businesses and merchants. The addition of the stablecoin on the platform increases the options available for their customers to purchase goods and services using cryptocurrencies.
Coinbase Commerce offers its users added advantages in the use, storing and exchange of cryptocurrencies across the globe. Merchants are able to accept cryptocurrencies and switch it instantly to fiat currencies. With the addition of the USD Coin, the users of the platform will be able to protect themselves from the volatile state of cryptocurrencies hence increasing the rate of adoption.
The announcement of the addition further confirms the users will enjoy the application with no chargebacks and no transaction fees while having total control over their funds.
Coinbase Commerce allows multiple cryptocurrencies storage in users’ wallets on the platform. USD Coin (USDC) is a stable coin on the Ethereum network and will be stored in cold storage wallets by Coinbase and Circle.
The announcement further confirmed that merchants will be able to receive cryptocurrencies from their users through: Direct integration with various applications such as Shopify or Woo Commerce; Easy payment pages and buttons and lastly custom integration by the user.
Coinbase Commerce also allows users to integrate a merchant’s checkout flow on the platform in a few minutes. The fast installation times and the ease of use of the application makes the application a must have for any merchant accepting cryptocurrencies.
In the same exact way in which businesses are accustomed to accept payments in-store, addition of USD Coin (USDC) to Coinbase Commerce has created a platform where it is now possible to accept payments online by businesses. This kind of payment presents a geographical tactical advantage where merchants can accept the coin without any limitations. A bank account is not necessary any more with this kind of upgrade. All this happens at zero transaction fees with payments being accepted from customers all over the world.
For an old Coinbase Commerce user, this new system is already integrated and requires no extra task to set up. However, to the new users and novices new to Coinbase Commerce, it’s as easy as just signing up to Coinbase, opening a wallet and starting to accept your own USD coin.
Coinbase is one of the institutions leading the adoption race in the field with the launch of Coinbase Commerce, a platform allowing merchants to collect, store and exchange cryptocurrencies. The platform addition of the USD Coin (USDC) opens up a new market for the merchants to accept a non-volatile cryptocurrency. Chase on Coinbase in the quest for crypto global adoption!