Renowned cryptocurrency exchange Coinbase’s digital payment service Coinbase Commerce took to Twitter on Friday to announce that the firm has carried out well over two hundred million US dollars ($200 million) in retail transactions so far and has got over eight thousand merchants onboard.
Currently, a notion that’s making the rounds is that Bitcoin has failed to prove its mettle during crisis-stricken times. Yes, the Bitcoin price did stumble when the oil prices plummeted amid the coronavirus outbreak, but that, in no way, takes away its credit for being a preferred mode of payment even now and performance of the Coinbase Commerce so far is a good case in point for that.
Coinbase Commerce achieves exceptional growth milestone
Coinbase Commerce’s recent announcement proves that Bitcoin payments still remain widely popular, despite the economic slowdown caused by the pandemic. Thus, on Thursday, the cryptocurrency payment provider achieved a remarkable milestone in its two-year journey, implying that it has a lot to look forward to in 2020.
With an extensive network of retailers who support the Coinbase Commerce payment portal, the firm declared that it continued to experience a surge in Bitcoin transactions this month even while the pandemic is wreaking havoc and taking down every industry that comes along the way.
Bitcoin leads the growth trajectory
Although the firm has not revealed a detailed breakup of the cryptocurrencies in use while making retail payments, John Zettler, who is the product lead at Coinbase Commerce, said that Bitcoin, unarguably, takes the lead position when it comes to choosing the cryptocurrency for payment.
We are often told by our merchant customers that they are incredibly comfortable with cryptocurrency payment methods. Thanks to the convenient and secure means of payment existing right now, Zettler explained.
He also ascertained promising times ahead for stablecoins as people are increasingly turning toward cryptocurrencies in times when demand for online shopping is witnessing a multi-fold increase. However, one peculiar stablecoin that leads the growth pack is the US dollar-pegged, USD Coin. I expect to see this particular stablecoin to grow by leaps and bounds in the second and third quarters of this year, Zettler added.
Meanwhile, Coinbase Commerce is committed to launching more user-friendly features in the time to come. Earlier this month, it rolled out instant refund support for the integrated retailers, who can refund cryptocurrency payments to their customers by simply using the retailer dashboard.