Shopify and its extensive list of clients will now accept cryptocurrency payments after the Canadian e-commerce giant signed a strategic alliance with a crypto payments processor, CoinPayments, on Wednesday.
Shopify is riding a wave of cryptocurrency and blockchain success. In February, it joined forces with the controversial yet eagerly-awaited project Libra led by Facebook’s Zuckerberg. Prior to that, it also decided to leverage blockchain potential to get rid of counterfeit and fake products from its supply chain.
Shopify-CoinPayments alliance to boost crypto adoption
In its efforts to drive broader adoption of cryptocurrency payments, Shopify announced a partnership with CoinPayments following a successful beta trial that was launched last year.
Clients who wish to use the cryptocurrency payments mode will now see an option of CoinPayments processor for all the retailers available on the Shopify website. They will also get to choose from over 1,800 cryptocurrencies integrated by CoinPayments.
Merchants, on the other side, will receive faster payments and conduct multiple cross-border transactions with ease without involving any other third party processor or bank.
Will cryptocurrency payments become the new norm?
The CoinPayments platform is straightforward to incorporate and use. With the partnership with Shopify, the firm hopes to expand presence globally and give the much-needed boost to cryptocurrency payments, said CEO Jason Butcher in the press release.
Commenting on the beta trial that began in 2019, Butcher said that the testing involved a thorough performance, interoperability, and compatibility check with all of Shopify’s clients. We also needed to be sure of its security feature to ensure that there are no let-outs, he added.
It’s a win-win situation for both firms. With Shopify’s vision to broaden their merchant base and our mission to power cryptocurrency payments, this alliance will be unbeatable in the payments industry, Butcher affirmed.
Meanwhile, several e-commerce companies and payment giants have tapped into the global cryptocurrency economy by deciding to integrate cryptocurrency payments modes. From innovative crypto invoicing feature to crypto credit card, the payments industry is going through a never-seen-before revolution from AI, to blockchain and now cryptocurrencies.