Coinbase Commerce Adds DAI Support for Merchant Payments

Michael LaVere
  • Crypto payment platform Coinbase Commerce has added support for Dai.
  • Merchants have the option of transferring their Dai to a savings rate contract via the Maker protocol. 

Cryptocurrency merchant platform Coinbase Commerce has added support for the Dai stablecoin as a form of payment. 

According to an update by MakerDAO on Thursday, the payment platform division of cryptocurrency exchange Coinbase has integrated support for Dai. Merchants from around the world using the platform are now able to accept Dai as a form of payment for goods and services. 

The announcement reads, 

This integration opens some of the web’s biggest shops, including those on Shopify and WooCommerce, to Decentralized Finance (DeFi) users and others who want to transact securely using a decentralized stablecoin as a payment method.

MakerDAO says the partnership with Coinbase Commerce will “bridge the gap” between decentralized finance (DeFi) dapp entrepreneurs and “real world” businesses by introducing a wave of merchants to the growing cryptocurrency market. 

MakerDAO’s update also claims that merchants are not required to pay a fee for using the service, making onboarding a simple process. 

The post continues, 

With just a few clicks, merchants can add a ‘pay with crypto’ button to their checkout process, or choose to accept Dai only.

Merchants also have the option of earning the Dai Savings Rate (currently 7.5%) on DAI they receive by transferring their funds to a Dai Savings Rate (DSR) contract via the Maker protocol. 

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