The retailer payment portal of San Francisco-based cryptocurrency exchange Coinbase, Coinbase Commerce, has reportedly processed $200 million in cryptocurrency transactions, a new record in its two-year history.
According to CoinDesk, the $200 million in cryptocurrency payments came from a network of 8,000 retailers accepting crypto payments alongside their other payment streams. While cryptocurrency adoption has seemingly kept on growing, Coinbase Commerce product lead John Zettler told the news outlet it’s facing a slowdown this month.
Zettçer didn’t go into the popularity of each cryptocurrency specifically, but noted bitcoin is the preferred payment method, saying:
Merchant customers often tell us it's the crypto they're most familiar with and the one they trust the most.
While BTC is dominating for now, Zettler also revealed Coinbase is seeing a surge in the use of stablecoins as a payment method, with its own USDC token leading the use of stablecoins. Coinbase Commerce added support for USDC payments in May 2019, and recently added DAI.
Coinbase Commerce, according to the report, will keep on building out features in response to merchant demands. Earlier this month it made it easier for merchants to refund payments, in what it called the “next step” in normalizing cryptocurrency e-commerce.
Last year, Coinbase Commerce launched a plugin to make it easier for users of the popular e-commerce platform WooCommerce to accept cryptocurrency payments. WooCommerce is an open source e-commerce platform for WordPress, popular because it’s easy to use and its base product is free.
Featured image via Unsplash.