The world’s largest service provider for crypto payments and the well-known e-commerce platforms have come to an agreement. A new important step towards broader crypto acceptance?
The Canadian e-commerce platform Shopify has added cryptocurrency payments to their portal, according to a press release. This increases the number of potential Shopify customers.
The decision to include cryptocurrency payments is a clear positive signal of the signs that cryptocurrencies are being introduced. More than one million businesses and merchants can now accept payments with cryptocurrencies.
According to the announcement, merchants can now receive payments through the 1,800 digital assets supported by CoinPayments.
Shopify is represented in more than 175 countries. The use of cryptography could make cross-border payments easier and cheaper. Providers do not need to worry about different payment processors when accepting cross-border payments, as is currently the case.
According to CoinPayments, the partnership is the result of a joint beta test phase from 2019.
CoinPayments CEO Jason Butcher said that the Shopify partnership would enable the service provider to integrate its global crypto payment platform into the merchant network. „As leaders in e-commerce and crypto payments, their combined expertise reflects the future of business transactions. “
According to Butcher, the collaboration is just one of many new developments that will allow companies to benefit from faster payments and lower costs.
Earlier this year, Shopify announced it had joined the Facebook Libra Association. The association aims to launch the Libra cryptocurrencies. Recently, there have been a number of resignations by prominent members such as Visa. However, with Shopify and the recently joined Singaporean company Temasek, the project now has 27 partner companies.
CoinPayments is at home on the Cayman Islands and has so far processed crypto payments with a total volume of more than 5 billion US dollars.
The Shopify deal comes at a time when CoinPayments also received a portion of the 50 Bitcoins withdrawn from an 11-year-old wallet just yesterday – even if only a fraction.
Data provider Glassnode puts CoinPaymentsNET’s share of the 50 BTC transaction at 0.003 BTC. Coinbase was able to receive 0.004 BTC.
Glassnode also points out that the average transaction fees are currently so high that the last time these fees were charged was at the beginning of 2019. The platform states that users currently pay around $7.00 per transaction on the network.