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Coinbase’s Merchant App Hits $50 Million in Volume Since 2018 Launch

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People really do seem to be buying things with cryptocurrency.

Announced today, Coinbase Commerce – the exchange unicorn’s app for online retailers – has exceeded $50 million in transactions since launching in February 2018.

“Volumes really started picking up in Q2 [2019],” Justin O’Brien, the product lead for Coinbase Commerce, told CoinDesk in a phone call. “They’ve been on an upward trend since we launched.”

Coinbase Commerce allows merchants to easily accept crypto and is built to integrate with existing payment flows. At launch, the product was already integrated with e-commerce giant Shopify.

Coinbase Commerce is now also integrated with Magento, OpenCart, PrestaShop and WooCommerce. To use Coinbase Commerce, merchants need to set up an account and create a non-custodial wallet for receiving cryptocurrency.

At the beginning, O’Brien noted, it was a minimum viable product meant for crypto enthusiasts. Now, he said, it should have all the features a merchant could want, which makes adoption easier. Once merchants join the network, he said, they tend to keep their accounts live.

While Coinbase Commerce has built an experimental point-of-sale feature, this has really been a product operating in the e-commerce realm. Primarily, it’s been serving the crypto industry – for example, companies providing portfolio management tools or taxation services.

But there are some non-crypto companies joining the network as well. Said O’Brien:

“We have a grocery store in Madagascar that’s accepting cryptocurrency with Coinbase Commerce.”

More coins, more features

Payments received via Coinbase Commerce go to the wallet and remain as crypto. In order to shift funds to fiat, merchants need to withdraw the cryptocurrency and sell it.

At launch, the service worked with BTC, BCH, LTC and ETH. On Monday, USDC – the stablecoin created by Circle and supported by Coinbase – was added to the mix.

With its last update, the service is potentially ready to accept any ERC-20 token, O’Brien told CoinDesk.

In integrating USDC, Coinbase took advantage of a new feature of Ethereum’s Constantinople upgrade called CREATE2. This improves the trustlessness of Coinbase’s facilitation of payments between customer and merchant, O’Brien explained.

A stablecoin gives a merchant a way to accept crypto without the fear of volatility wiping out their income, but O’Brien argued that somewhat stable prices for crypto itself have helped spur consumer usage.

When there is less volatility, O’Brien said, “people are more likely to actually spend their cryptocurrency rather than hold onto it.”

E-commerce has been a recurring theme for the cryptocurrency sector. Stablecoin competitor Terra was initiated by a coalition of Asian e-commerce giants, primarily as a way to curtail credit card fees from eating into very thin margins.

Online payments are also seen as a major motivation behind the cryptocurrencies being developed by social media giant Facebook and messaging app Telegram.

Coinbase image via Shutterstock

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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