Shopify, the Canadian e-commerce giant, has added to its acceptable range of cryptocurrencies with a CoinPayments partnership. This milestone will enable Shopify clients to pay merchants in over 1,800 digital currencies as opposed to an earlier basket of only 300 based on its ongoing partnership with BitPay.
Notably, Shopify is also a member of the Libra association; the firm joined the Swiss-based organization in February, despite an exit by payment giants like Mastercard. This new partnership with CoinPayments shows that Shopify is indeed committed to the growth of global payments. A statement by the firm highlights that the integration will enable vendors,
“get paid faster in any of the 1,800 cryptocurrencies supported by CoinPayments.”
Shopify and CoinPayments Collab Value
Jason Butcher, the CEO of CoinPayments, has also echoed that Shopify is a good fit for their nature of operations. The Cayman Islands-based crypto payments processor is looking to drive crypto adoption according to email by its CEO to Cointelegraph. It, therefore, follows that Shopify presents this opportunity to expand with new products integrated into the platform,
“As they look to bring new features to their merchant base and CoinPayments works to drive cryptocurrency adoption globally, it makes sense to create an integration that enables easy, secure, and cost-effective transactions.”
Butcher added that the partnership has been in play for the past year but was yet to go public,
“The beta trial process involved a full functionality and security test with live merchant interactions before becoming publicly available to the entire Shopify platform.”
Crypto Wind Blowing in E-Commerce?
The e-Commerce sector has emerged among the few gainers amidst the COVID-19 pandemic. As the world went into lockdown, e-Commerce giants like Amazon and Shopify were left to cover the sudden surge in demand. Crypto on the other hand posed as an alternative to fiat currencies that are in physical form and could, therefore, spread the virus.
It comes as no surprise that payment providers like Mastercard and Visa are now collaborating with some crypto entities to issue debit cards (like Binance, Coinbase, and Fold App). This has since opened up the crypto market niche to industries that were previously skeptical of Bitcoin and its peers. Going by the industry developments, it is likely that more E-commerce giants will follow Shopify's approach if not launching their own crypto payment solutions.