Coinbase Commerce is a cryptocurrency payment solution that helps online merchants to accept cryptocurrency payments. They have recently released a number of announcements that are improving the accessibility of their products to a greater number of online vendors.
Coinbase Commerce announcements
Nearly 28% of all online vendors make use of WooCommerce, one of the most popular eCommerce platforms. Coinbase Commerce has released a WooCommerce plugin, which can be downloaded from GitHub. According to Coinbase, all WooCommerce merchants –
“now have access to cryptocurrency payments from customers around the world. This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system”
Bitcoin and litecoin can be sent from Coinbase Commerce, and the team is working on building similar functionality for bitcoin cash and ethereum. Merchants who use the React payment button can also embed a Coinbase Commerce function with a React component. They have also announced a Python library for Coinbase Commerce, and are considering Ruby, PHP, and Node.js. This will increase accessibility. Coinbase Commerce merchants do not have to pay fees to accept payments and remain in control of all funds.
Coinbase is taking over
It is fair to say that Coinbase is taking over the market, or are at least expanding as much as they possibly can. They are now offering institutional products, have attained regulatory licenses from the SEC, have expanded to Japan, have launched a crypto index fund, and acquired the Paradax trading exchange. All this happened in the past 3 months or so.
The payment processing industry is arguably the most lucrative, and they are putting the infrastructure in place for online merchants to accept bitcoin and other cryptocurrency payments. Bitpay is currently the world’s biggest bitcoin payment processor. Other notable companies include Coinify, Shopify, Bitcoin Pay, and GoCoin. Most bitcoin payment processors charge around 1% right now.
But while Coinbase has competitors, it has a brand, the market is huge, and, more importantly, it is building an ecosystem. It has an exchange, an index fund, a bitcoin payment processor, a suite of institutional products, a trading platform, regulatory approval, and it is rapidly expanding. It will be easier to market its bitcoin payment processor to institutional investors and an already large customer base. Additionally, its inherent features are cited as superior to all other available options, marketing aside.
It is obvious at this stage that bitcoin and other cryptocurrencies are taking over from legacy fiat. By providing the payment processing infrastructure, the transition is going to accelerate. The race is on to claim future market share.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.