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Coinbase Commerce: a report reveals 200 million transactions
Coinbase Commerce: a report reveals 200 million transactions
Crypto

Coinbase Commerce: a report reveals 200 million transactions

By Amelia Tomasicchio - 27 Mar 2020

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According to a report by Coinbase Commerce, the platform has processed 200 million transactions in the last 2 years.

This perhaps suggests that bitcoin and other cryptocurrencies are actually used as a payment method as well, although the report reveals that it is mainly stablecoins such as USDC that are used, the support for which was added last May with a reward program.

According to the report, there are 8,000 merchants using Coinbase Commerce worldwide.

“Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most,” explained to Coindesk John Zettler, project leader of Coinbase Commerce.

The next steps for the project involve other features, although Zettler did not specify which ones. Coinbase has also recently launched a refund program in case of wrong payments or purchase errors.

About a year ago, Coinbase also launched its own debit card to spend cryptocurrencies, and recently the DAI stablecoin has also been integrated. This same card was also added to the Google Pay app about 10 days ago.

Meanwhile, in Italy it seems that bitcoin is the third most used payment method after PayPal and Postepay when it comes to e-commerce spending.

Even in the US, it seems that many shops accept crypto payments: according to data from January 2020, in fact, 59% of companies have already used cryptocurrencies, of which 36% are SMEs.

Moreover, by using debit cards and escrow platforms, it is very easy to accept and spend crypto in shops.

According to experts, the spread of the Coronavirus and the inflation caused by it will lead to greater adoption both in terms of store of value and the use of cryptocurrencies as a payment method.

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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