Mass adoption is key for cryptocurrencies to reach their full potential, but could be years away until everyday use is realized. However, Coinbase has taken a major step forward in making it a reality where retailers and mom and pop merchants can accept payments in crypto very easily.
Coinbase has launched a new commerce button that merchants can implement into their online checkout experiences, much like PayPal has offered for many years. At the time of checkout, users making a purchase at a merchant using the service will have the option to pay with Bitcoin, Ethereum, Litecoin, and Bitcoin Cash - in addition to the traditional credit and debit card options.
If buyers do not have enough crypto to complete the transaction, the Coinbase Commerce Button will prompt the user to purchase additional cryptocurrency directly from Coinbase. Coinbase is charging a 1% fee, which is very competitive comparing it to PayPal’s 2-3% fee per transaction.
You can sign up for Coinbase Commerce here.
Coinbase, one of the largest cryptocurrency exchanges in the world had an incredibly successful year in 2017, generating over $1 billion in revenue, beating revenue forecasts by 66%. The exchange is growing at a similar rate as the crypto market itself, and moves like this bringing crypto toward mass adoption in the retail space will benefit both Coinbase and the crypto market long term, propelling it to new highs in both use and profitability.