Many technology specialists say that for cryptocurrencies to be popularly adopted, they first have to be usable as a payment method. Coinbase Commerce might just be what enthusiasts have been waiting for.
With the launch of their Paypal inspired merchant solution, Coinbase makes a big leap in the efforts to make cryptocurrencies more practical and accessible. Their platform allows online vendors to add a cryptocurrency payment option on their existing e-commerce website. This innovative solution doesn’t require the buyer to be a member of Coinbase, which further facilitates the ease of transaction.
The accepted currencies for this solution are Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Those are all cryptocurrencies accepted on Coinbase and the list will probably get longer as the exchange continues to list more coins.
Some merchants are supposedly already using the service provided by Coinbase. For now, they don’t take any more registrations for the service. The payment button is also said to be integrated with Metamask, an Ethereum Chrome plugin. This will facilitate the use of Ethereum payments, which have been less prominent than Bitcoin payments in the past. Metamask also allows the user to buy Ethereum via Shapeshift or Coinbase.
The commerce solution is said to have the same fees as the Coinbase exchange, which is 1%. This is a very competitive price for the payment solution market, for example, Paypal takes 2%-3% transaction fees, with an additional 30 cents per transaction.
All in all, this is a great announcement for cryptocurrency adoption. It will greatly facilitate the transition from a niche market to mainstream use by at least offering the option to consumers who might be on the fence about virtual currencies.