Merchants Can Now Accept Dogecoin, ApeCoin, Shiba Inu And More Thanks To Coinbase Commerce

Zinger Key Points
  • Coinbase announces faster payments for merchants and additional cryptocurrencies accepted.
  • Coinbase has a goal of connecting consumers and businesses in the cryptoeconomy.

Merchants who use a leading cryptocurrency company for their commerce solutions now have the option to accept several additional cryptos for payment. Here are the details.

Faster Payments: Coinbase Commerce, a unit of Coinbase Global COIN announced an update Tuesday that includes faster payment and more cryptocurrency options for its merchant partners.

Coinbase launched instant and free payments from Coinbase users to Coinbase merchants earlier this year.

“This new feature leverages Coinbase’s unique access to both Coinbase customers as payers and to merchants as payees to enable instant, free payments using off-chain transactions,” the company said.

Coinbase said off-chain transactions are cheaper and faster, which allow for faster settlement.

“Following this launch, existing Coinbase users will be able to complete crypto payments for free if they are sending money to a Commerce merchant on our Coinbase-Managed product, and funds will be settled to the merchant instantly.”

Instant transactions and auto conversions are expected to help with merchants worried about price volatility around cryptocurrencies.

Additional Cryptocurrencies Added: Coinbase announced the addition of seven cryptocurrencies added to the Commerce platform Tuesday. The additions come from requests of users, according to the company.

The cryptocurrencies now accepting for Coinbase Commerce merchants are:

Bitcoin BTC/USD

Ethereum ETH/USD

USD Coin USDC/USD

Bitcoin Cash BCH/USD

Litecoin LTC/USD

Dogecoin DOGE/USD

Dai DAI/USD

Tether USDT/USD

ApeCoin APE/USD

Shiba Inu SHIB/USD

“Merchants can easily manage which cryptocurrencies they want to accept, turn off the ones they don’t, and choose to hold or auto-convert any cryptocurrency balance to USD,” Coinbase said.

Related Link: 4 Coinbase Analysts On Q1 Earnings, Stock Plummet, Projections Include Short-Term Crypto Winter, Long-Term Growth 

Why It’s Important: Coinbase has a goal of connecting consumers and businesses in the cryptoeconomy.

“By making cryptocurrency transactions easier and more accessible, we are continuing to drive towards this goal,” the company said.

Safe and convenient payments are among the company’s key strategic pillars.

Coinbase Commerce has been used by partners that include Sotheby’s, Yuga Labs and Constellation Brands STZ.

“By removing friction and increasing flexibility within the crypto payment process on both sides of the ecosystem, we are taking another step towards mainstream adoption and leveraging the network effect of our brand.”

COIN Price Action: Coinbase shares are down 8.92% to $50.97 on Tuesday.

Photo: Courtesy of PiggyBank Canada on flickr

Posted In: ApeCoinBitcoinBitcoin CashCoinbase CommerceDAIdogecoinEthereumLitecoinShiba InuSotheby'sTetherUSD CoinYuga LabsCryptocurrencyNewsMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.