Coinbase Open Source Fund: Collective Project Donations?
Coinbase has launched a plugin that will enable merchants around the globe to integrate crypto payments into their system. Coinbase is a leading cryptocurrency exchange that handles millions of transactions around the world each day. Similar to how Paypal operates, merchants can now add a Coinbase commerce button to receive payments.
Previously, merchants on this platform had to have a Coinbase account to integrate payments. However, with this plugin, one just requires crypto to make payments. Addition of this feature is geared towards helping the platform offer a seamless experience to its merchants who want to use cryptocurrencies.
As much as the exchange has not communicated anything officially, there are merchants out there who are already using the service. However, the company’s website is not accepting registrations for this service yet.
How Does Coinbase Open Source Fund Work?
When a user has finished selecting the desired products, they have to check out. It’s at this point that they will have the option of credit cards or PayPal. However, with this plugin, the user will find a new feature below these two possibilities known as Coinbase Commerce. This function is so seamlessly integrated that it blends in well with the two other options that already exist.
Once one clicks on this option, a list of cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash appear. All these currencies are available on the Coinbase exchange. One thing that stands out is the fact that Ethereum is first on this list which can be pinned to the bias that Coinbase is said to endorse this cryptocurrency.
Review Of The Plugin
Addition of this feature is a plus in making things more convenient for merchants on Coinbase. The time frame given for completion of a transaction using this feature is fifteen minutes which is a fast enough period. However, it will be interesting to see whether this time frame holds when there’s an overload in the system especially when it comes to Bitcoin.
Ability to directly connect to Metamask when paying with Ethereum will be a significant advantage. Such a feature will make the whole process convenient and straightforward compared to using credit cards or PayPal. As long as one has adequate balance in Metamask, making a payment will be fast since there’s no need to copy and paste numbers.
For sure, platforms like Bitpay now have competition. However, Coinbase has fewer merchants compared to such a platform. Integration of such innovative features is just what Coinbase need to remain ahead of the pack in the crypto space.