Cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) said Wednesday it has started to accept meme cryptocurrency Dogecoin (CRYPTO: DOGE) for commerce payments.
What Happened: Coinbase announced the decision on Twitter.
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On its website, the company provided details on how vendors using the Shopify Inc. (NYSE:SHOP) platform can accept multiple cryptocurrencies, including Dogecoin, on their Shopify store with Coinbase Commerce.
Coinbase’s move was hailed by Dogecoin co-creator Billy Markus, who goes by the username Shibetoshi Nakamoto on Twitter, as a “big deal.”
This is a big deal. It’s integrated with Shopify meaning any vendor using Shopify can relatively easily accept $DOGE with it. https://t.co/pxycmoF3NX
— Shibetoshi Nakamoto (@BillyM2k) July 21, 2021
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See Also: Dogecoin Campaign Leads To $5M Lawsuit For Coinbase Over Claims Of Deception
Why It Matters: Dogecoin is the latest cryptocurrency to be integrated with Coinbase Commerce.
Bitcoin (CRYPTO: BTC), Bitcoin Cash (CRYPTO: BCH), DAI (CRYPTO: DAI), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC), and USD Coin (CRYPTO: USDC) are already supported by Coinbase’s e-commerce platform.
Dogecoin’s acceptance as a payment option by companies has gained momentum this year. A growing list of retailers including convenience store chain Sheetz Inc. and online tech retailer Newegg Commerce Inc. (NASDAQ:NEGG) accept payments using digital currencies, including Dogecoin.
Price Action: Coinbase Global shares closed 2.6% higher in Wednesday’s trading at $230.87.
Dogecoin is up 6.9% during the past 24 hours, trading at $0.1925 at press time.