Have you ever gone to purchase something on an e-commerce website like eBay (NASDAQ:EBAY) and found the option to pay via the PayPal (NASDAQ:PYPL) commerce button? Well now, Coinbase has rolled out a commerce platform that might be extremely appealing to merchants. This allows merchants to seamlessly integrate cryptocurrency payments into their current platforms. Currently, Coinbase offers payments for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Making it more convenient for cryptocurrency holders to make everyday purchases is a smart move by Coinbase. For now, this new service is not open to new signups by companies. However, on the website it states that major companies are already signed up and have used this new feature. It’s unclear if they have just tested a Beta phase of this product, but the companies listed include Overstock (NASDAQ:OSTK), Expedia (NASDAQ:EXPE), and Digital River. On Coinbase’s website it says that currently, 48,000 businesses trust the platform to integrate Bitcoin payments. It remains unknown if these other companies such as Dish, USAA, Reddit, and 1800 Flowers, are testing this commerce button as well.
Other big news is that this new button will support the Ethereum ecosystem and will be integrated with MetaMask, an Ethereum browser plugin. This is great news for Ethereum holders that use Coinbase. Also, screenshots of the product have shown that it has placed Ethereum before Bitcoin and Litecoin on its platform. It remains unknown what that is all about but maybe since the MetaMask deal and the rising transaction fees on the Bitcoin network, the company might have chosen to back Ethereum.
Coinbase Commerce is anticipated to have the same 1% fee that it applied when withdrawing cryptocurrency and exchanging it to fiat currency. The new solution would not require users to have an account with Coinbase, and its payment confirmation is anticipated to be around 15 minutes. More news will continue to drip out as the private beta is brought to light. This could be huge for cryptocurrency investors if Coinbase can partner with bigger retailers like Amazon (NASDAQ:AMZN).
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