Coinbase’s retailer payment portal Coinbase Commerce passed $200 million in total transactions processed
Virus or not, people are still paying for goods in Bitcoin. That’s the verdict from new numbers out of Coinbase’s retailer payment portal Coinbase Commerce, a platform that supports cryptocurrency payments for internet retailers, just passed $ 200 million in total transactions processed over its two-year history.
The platform’s success was due in part to the 8,000 retailers using Coinbase Commerce
While the Coronavirus epidemic is devastating traditional markets, news from Coinbase Commerce will imply that consumers are still comfortable using Bitcoin to pay for products.
John Zettler, product leader at Coinbase Commerce, said Bitcoin is by far the preferred payment method among cryptocurrencies offered as a platform-based payment method.
“Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most.”
Coinbase has a massive network: 8,000 integrated retailers now accept cryptocurrencies alongside their other payment streams. Appar a bright spot for adoption in an otherwise topsy-turvy time for Bitcoin and cryptocurrency at large, which, like so much of the world, has been struggling to price in COVID-19. Not so for merchant crypto payments, though. The team hasn’t seen any change in activity over March.
“Money comes more often than not in Bitcoin. I did not provide an exact crypto-by-crypto usage breakdown, but Bitcoin is far and away from customers’ method of choice.”
Even so, Coinbase sees a surge in the use of stablecoins for payment, particularly its dollar-pegged USD Coin (USDC). USDC leads the growth pack, Zettler said. He expected to see “material growth” in stablecoin use across Q2 and Q3.
Coinbase plans to keep building out Commerce’s features in response to merchant demands, Zettler said. Most recently, it debuted a “refunds” service, calling it the “next step” in normalizing crypto e-commerce. Crypto still has a long way to go. It remains a minuscule payment method within the hulking global e-commerce marketplace that totaled $3.5 trillion in sales in 2019.
Coinbase’s stablecoin USDC wins significant among the bloodbath
While Bitcoin was one of the hardest-hit cryptocurrencies among the cryptocurrency market on March 12, stablecoins reaped certain benefits. Precisely, the transfer value hit an all-time high of $ 444 million the day after the crash.
Coinbase’s currency, USD Coin (USDC), is one in which cryptocurrency holders may have turned to efforts to preserve their capital after the bloodbath. Regarding market cap, USDC reported a 57% increase in the thirty days ending March 25.
Both USDC and other stablecoins can be used to buy cryptocurrencies on Coinbase Commerce. The platform recently added MakerDAO’s DAI stablecoin as a supported payment method.
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