Shopify Adds Another Option for Merchants to Accept Payments in Over 1,000 Cryptocurrencies
Nicholas Otieno May 22, 2020 02:17
Shopify adds more than 1,000 cryptocurrencies for its merchants to accept as payment through a new partnership with CoinPayments.
CoinPayments, Cayman Islands-based crypto payment solution provider, has announced a partnership with the Canadian e-commerce giant Shopify. The partnership aims to offer an alternative payment option for Shopify merchants as well as expanding the adoption of cryptocurrencies.
Shopify is a leading multinational commerce platform for online stores across multiple sales channels, including mobile, social media, web, marketplaces, pop-up shops, and brick-and-mortar locations. The Canadian e-commerce giant now will give its merchants the option to accept payments in more than 1,000 cryptos.
Keen to Make Their Brands Stand Out
The announcement of the collaboration follows a successful beta trial testing that began in 2019. Based on the terms of the partnership, CoinPayments payment processing will be made visible to all Shopify vendors as both firms seek to expand the adoption of payments in cryptocurrencies. The integration aims to enhance the e-commerce experience for customers globally.
CoinPayments now will be a visible payment option for merchants on the Shopify platform and will make crypto transactions more accessible and easier while reducing transaction fees. Shopify merchants will now get paid quicker in any of the 1,800 cryptos supported by CoinPayments and gain access to more untapped markets across the world.
Such a partnership further enables cross-border payments, thus reducing the need for Shopify merchants to interact with multiple payment processors across different countries.
CoinPayments’ partnership with Shopify is just one of many expected announcements. As part of CoinPayments’ aggressive growth and expansion strategy, the fintech company is planning to expand its merchants and partners in the near future.
CoinPayments CEO, Jason Butcher, said: “As leaders in e-commerce and crypto payments, our combined expertise reflects the future of business transactions.”
Headquartered in Cayman Islands, UK, and founded in 2013, CoinPayments is committed to providing customers with user-friendly, secure, and fast crypto payment APIs, digital wallets, shopping cart plugins, and several other solutions supporting crypto payment applications.
Shopify Becomes Member of The Libra Association
Shopify is not new to cryptocurrency. In the past, the firm had partnered with Bitpay crypto payment company, enabling its stores to accept over 300 cryptocurrencies. Shopify also works with Coinbase cryptocurrency exchange firm. Recently, Shopify joined the Libra Association. The Facebook-led Libra Association acknowledged that the Canadian multinational e-commerce company would be a vital partner in the realization of the significant economic participation essential for Libra to become a reality. Shopify joined Libra, just a few months after Vodafone, Mastercard, and eBay had drooped out. This suggests that Libra will be one of the 1,000s of cryptocurrencies accepted at Shopify enabled stores.
Image via Shutterstock
Image source: Shutterstock
