Coinbase Introduces New Merchant Solution, Accepting Cryptocurrencies

Coinbase, one of the leading cryptocurrency exchanges in the world, has recently launched Coinbase Commerce with an aim of attracting new merchants to its platform.

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The solution will look to enable merchants using the service to accept cryptocurrency directly as payment into a user-controlled wallet. It supports multiple cryptocurrencies, while merchants will have the option to accept Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Coinbase, in its announcement post, wrote: “Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide.”

With this merchant specific solution, Coinbase is directly targeting the established fintech players like Paypal and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term firm Bitpay, which is currently dominating the market with its cryptocurrency payment acceptance services.

Unlike most of the merchant products, Coinbase Commerce is not a hosted service, so merchants will have full control of their digital currency. Targeting both large and small-scale businesses, Coinbase kept the integration process of Coinbase Commerce very simple on the merchants’ part. Any merchant can sign up using only an email and a valid phone number.

Moreover, Coinbase is entering into a partnership with e-commerce giants to integrate the new system on their platform. Canadian multi-channel commerce platform Shopify has already integrated Coinbase Commerce, and any merchant on the platform can use the new service.

Meanwhile, amid the ban on using credit cards for purchasing cryptocurrencies by three leading banks in the US, Coinbase stopped accepting any new credit card registrations on its exchange platform for buying digital coins. The exchange will, however, allow the usage of already registered cards, provided the card issuer bank supports such transactions.

"We are actively working with card networks and card issuers to find a long-term solution. For customers in the UK, EU, Canada, Australia, and Singapore, we are collecting feedback and evaluating similar changes" Coinbase said.