Coinbase is one of the most famous, safe and reliable exchanges, a reference point for anyone who wants to invest in cryptocurrencies.
Recently, the site announced the project of a useful tool to promote the spread of digital currencies and make them more exploitable in daily life. We are talking about Coinbase Commerce, a service that allows companies and individuals to receive payments directly on their digital portfolios. However, there are not informations about the timing for transfers and commission costs yet.
The cryptcurrencies that are now accepted are Bitcoin, Bitcoin Cash, Ethereum and Litecoin, but the platform is going to integrate other digital coins in the future, one above all Ripple (XRP).
Fast payments linking anywhere in the world, and that, as Coinbase specifies, “is not a hosted service, so traders have full control over their digital currency.”
Coinbase commerce: how it works
Coinbase commerce works like a plug-in to download in few minutes from the official website by entering your phone number and e-mail address.
Payments are managed and controlled through a dashboard with simple and intuitive graphics. The tool can be integrated directly into a merchant’s payment stream or added as a payment option on an e-commerce platform.
Coinbase Commerce is integrated on Shopify. This is a Canadian platform dedicated to multi-channel e-shopping, but the team is working to achieve further integration. The ambition is clearly to expand the networks of platforms using this tool.
Shop owners who sell their products online on Shopify can then get paid, for example, in Bitcoin. In the same way, those with a certain number of Bitcoins can spend them to buy tangible objects: a use that brings cryptos closer to fiat currencies, untying them from the rigid label of assets or investment assets.
In all cases, this opening of virtual currencies to the traditional economy is a great benefit for all the crypto industry.