Shopify Merchants Can Now Accept Cryptocurrency Payments
Summary
- Shopify announced a partnership with CoinPayments to offer Shopify transactions via cryptocurrencies.
- CoinPayments has processed more than $5 billion in transactions thus far.
E-commerce giant Shopify and CoinPayments announce a partnership that will allow Shopify vendors to receive cryptocurrency payments quickly and hassle-free.
By bringing our easy-to-use global crypto payments platform together with Shopify’s extensive merchant base, we look forward to delivering a seamless process for anyone looking to do business using cryptocurrencies. As leaders in ecommerce and crypto payments, our combined expertise reflects the future of business transactions.
CoinPayments CEO Jason Butcher
Powering over 1,000,000 e-commerce sites, Shopify and CoinPayments’ partnership will be a boon for crypto adoption. The partnership comes after a beta test back in 2019. CoinPayments supports GAP600 Instant Confirmations alleviating the long confirmation times present on the Bitcoin blockchain.
Benefits
With Shopify now offering cryptocurrency payments, vendors to facilitate international payments without having to worry about converting to different currencies. Furthermore, cryptocurrencies can be transferred globally without any additional hassle while avoiding costly fiat exchange fees.
CoinPayments currently offers 1,900 different cryptocurrencies, ensuring that buyers have flexibility in cryptocurrency payment options. With Bitcoin fees skyrocketing, the flexibility to pay in a variety of other cryptocurrencies is essential.
Bitcoin transaction fees are now approaching $6 for a single transaction. If users were to pay in Bitcoin, the fees in itself would increase the cost of a transaction significantly.
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