2.7 Million Online Stores Can Now Accept Bitcoin, Ethereum, Litecoin Or Bitcoin Cash With Coinbase Integration
Coinbase one of the largest Crypto focused companies in the world had introduced Coinbase for Commerce back in February After which it has successfully launched plugins to integrate with 5 major commerce platforms. Using these plugins merchants can accept Cryptocurrencies like Bitcoin, Ethereum, Litecoin and Bitcoin Cash easily.
Coinbase has been one of the most successful companies in the Cryptocurrency space gaining the widespread trust of being the most secure platform for buying Cryptocurrencies, one of the main factors for their success is that they have made access to Cryptocurrencies simple and easy. They have a suite of products like Coinbase.com for trading Cryptocurrencies, index fund and custody solutions for institutional investors.
One of their most important products undoubtedly will be their Commerce API which will avail merchants to accept Cryptocurrencies easily without much hassle. What is great about this is that Coinbase has made the transactions free and peer to peer which means the private keys will not be touched by Coinbase.
Image source: Coinbase commerce
They boast of five major features on their website:
- Fast – With their simple API and buttons the merchant can integrate the plugin quickly within hours
- Free – The best part about it is that the transactions are free at no additional cost from Coinbase.
- Global – Cryptocurrencies have no boundaries and the payments also shouldn’t.
- No Middlemen – The have designed it so that the transactions are peer to peer without Coinbase or any other companies interference and the merchant is in control of his money.
- Irreversible – The payments made will be irreversible which is a key feature.
2.7 Million merchants
Kevin Rooke pointed out that there are about 2.7 Million merchants online in all the platforms that Coinbase has integrated with combined who could potentially start accepting Cryptocurrencies as payments.
Although this is a huge number it is important not to get carried away by this as there are only 2000+ merchants that are accepting Cryptocurrencies as of now using Coinbase.
But the merchant adoption is a key data point to the widespread adoption of Cryptocurrencies that companies like Coinbase are trying to push for. The current number suggests that we are not still even at the early adopter stage and even if the merchants wanted to adopt Crypto payments, the technology is still not ready for it.
The five major Coinbase commerce integrations are:
PrestaShop – 278,000 shops
Woo Commerce – 810,000 shops
Shopify – 980,000 shops
Magento – 252,000 shops
Opencart – 376,000 shops
Kevin Rooke Tweeted:
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