Merchants using leading cryptocurrency firm Coinbase for their commerce solutions can now accepts payments in a wider number of digital currencies, including meme-inspired tokens Shiba Inu ($SHIB) and Dogecoin ($DOGE).
In a new announcement Coinbase Commerce, a division of the Nasdaq-listed exchange Coinbase Global, reveled that as part of its goal to bring together consumers and businesses in the cryptoeconomy, it’s making crypto transactions “easier and more accessible” while adding new cryptocurrencies as payment options.
As part of its goal, Coinbase Commerce is now allowing for payments to be “instant and free from Coinbase users to Coinbase-managed commerce merchants, as the new feature “leverages Coinbase’s unique access to both Coinbase customers as payers and to merchants as payees to enable instant, free payments using off-chain transactions.”
Per Coinbase, an off-chain transaction “involves an account-to-account transfer processed outside of the blockchain through a separate channel, which means we can offer this benefit to payers with Coinbase accounts.”
Moreover, the firm noted that merchants concerned about price volatility will now benefit from instant transactions and auto conversions to fiat currency to help ensure they’re receiving the correct amount from payers.
The firm added seven new cryptocurrencies were added as a payment method. The announcement reads:
We now support BTC, ETH, USDC, BCH, LTC, DOGE, DAI, USDT, APE, and SHIB. Merchants can easily manage which cryptocurrencies they want to accept, turn off the ones they don’t, and choose to hold or auto-convert any cryptocurrency balance to USD.
Coinbase noted that by removing “friction and increasing flexibility within the crypto payment process on both sides of the ecosystem,” it’s taking “another step towards mainstream adoption and leveraging the network effect of our brand.”
Coinbase Commerce’s move notably comes shortly after both SHIB and DOGE were removed from the Crypto Earn rewards program of popular cryptocurrency exchange Crypto.com, along with various other cryptoassets.
Featured image via Pixabay