Yesterday Coinbase announced that it has made it even easier for merchants to convert their crypto assets into fiat currency within the Coinbase Commerce platform.
Merchants can now easily sell their crypto for a more stable store of value with Coinbase Commerce. Learn more about how we’re building the most trusted and secure way for merchants anywhere in the world to accept crypto payments. https://t.co/mrKRCXALl2
— Coinbase (@coinbase) October 12, 2020
It is worth recalling that Coinbase launched Coinbase Commerce about 2 years ago, allowing for the integration of crypto payments and thus giving merchants the opportunity to accept different cryptocurrencies.
Previously the platform did not allow to quickly convert the received crypto into fiat, as it was necessary to first move the funds to the Coinbase account and then sell them to obtain fiat. But now the procedure has been simplified and business users can link their accounts instantly.
In fact, using cryptos, especially as a payment method, is very useful for merchants, especially for those who sell internationally and have users all over the world. Through crypto assets, in fact, not only do they have an advantage in terms of speed and security, but they can also count on a really convenient fee system compared to the traditional system.
Of course, not all merchants have the need to keep the proceeds in crypto but they do want to liquidate the assets as quickly as possible, especially because this market is very volatile and therefore they have every interest in selling their crypto.
Coinbase Commerce data
In general, the usage data for this service is very interesting: this year alone, more than 200 million transactions were recorded on this platform, demonstrating that it is widely used and there is great adoption by traders.
A few months ago, a competitor of Coinbase Commerce, Coinpayments, also shared their data, showing how an increasing number of merchants are interested in accepting cryptocurrencies and how buyers are also increasingly using these payment methods.
And in fact, during 2020 the volume of cryptocurrency transactions in North America grew by 300%, with average transactions of $200.
Europe outperforms these figures with even more payments, but the most sensational figure is the success of stablecoins in the Asia-Pacific region.