Cryptocurrency exchange Coinbase Global Inc. COIN said Wednesday it has started to accept meme cryptocurrency Dogecoin DOGE/USD for commerce payments.
What Happened: Coinbase announced the decision on Twitter.
On its website, the company provided details on how vendors using the Shopify Inc. 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.”
Why It Matters: Dogecoin is the latest cryptocurrency to be integrated with Coinbase Commerce.
Bitcoin BTC/USD, Bitcoin Cash BCH/USD, DAI DAI/USD, Ethereum ETH/USD, Litecoin LTC/USD, and USD Coin USDC/USD 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. 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.
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