Coinbase, the famous cryptocurrency platform has decided to integrate with Shopify in order to allow merchants to handle cryptocurrency payments. Shopify is an e-commerce platform with more than 500,000 merchants moving $45 billion dollars yearly. These two companies are now working side by side to potentiate each other.
Coinbase Commerce Integrates with Shopify
The merchants interested in accepting cryptocurrencies now will be able with Shopify and Coinbase. In order to set-up cryptocurrency payments, the merchant needs to select in Shopify’s Settings the option payment providers, alternative payments and then select additional payment method.
At the moment, there is no information regarding the fees that Coinbase is charging. At the moment, some individuals have explained that Coinbase did not charge anything for the service. The user can accept Bitcoin, Bitcoin Cash, Litecoin and Ethereum. The merchant will be able to decide which cryptocurrencies the shop will accept.
These cryptocurrencies do have some similarities and differences. For example, Bitcoin is much more expensive to spend than Litecoin, Ethereum or Bitcoin Cash. The transaction times are also slower for Bitcoin than for the other virtual currencies.
It is important to mark that Coinbase may soon integrate SegWit to its platform. That means that Bitcoin payments would be faster and cheaper than now.
Brian Armstrong, Coinbase’s CEO commented:
“You can create a Coinbase or GDAX account if you want to exchange. We decided to make the merchants services user controlled with no built in exchange so that it could be open to all merchants.”
Coinbase is looking to integrate with other service providers and potentially looking to add more assets. In this way, Coinbase will start being used by several merchants all over the world.
Litecoin New Payment Options
Litecoin (LTC) has also been increasing its presence in the merchant’s world. Some days ago, LitePay and LitePal announced their platforms linked with Litecoin.
These two platforms will allow vendors to receive Litecoin payments in an easy way.
“LitePal is Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilized by merchants from all over the world; one streamlined, simple, less confusing process,” wrote LitePal on Twitter.
LitePal is a Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilised by merchants from all over the world; one streamlined, simple, less confusing process. Thank you @SatoshiLite for creating the LTC we all love!
— LitePal (@LitePalOfficial) February 4, 2018
This information has been well received by the Litecoin community. The price of this cryptocurrency has increased substantially compared to Bitcoin price and other cryptocurrencies. Indeed, when most of the cryptocurrencies were gaining between 3% and 6% Litecoin was growing by 30%.
At the moment Litecoin is being traded around $225 dollars with a market capitalization of around $12.4 billion dollars.
Cryptocurrencies keep expanding and more shops and stores will be able to accept cryptocurrencies. Coinbase, LitePay and LitePal are just some of the products being developed in the market. During this year we will experience an incredible cryptocurrency adoption by merchants all over the world.
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Tags:bitcoinBTCCoinbaseCoinbase Cryptocurrency PaymentsCryptocurrenciesCryptocurrency MerchantsCryptocurrency PaymentsETHEthereumLitePalLitePayLTCMerchantsPay with LitecoinShopifyVendors