Digital Assets: Crypto Adoption Growing Apace – CoinPayments Ties Up with Shopify

May 21, 2020 | Digital Assets, News

Shopify sellers now have another digital platform to access for payments, this one with over 1,900 different cryptocurrencies.

Canadian e-commerce giant Shopify (NYSE: SHOP) has added another crypto payment processor to its retinue of digital platforms facilitating crypto payments. It entered a strategic partnership with CoinPayments, the world’s largest cryptocurrency payments processor. Before this, Shopify already had the Coinbase Commerce, BitPay, and GoCoin crypto processors on board. (COINTELEGRAPH)

The combination of the two entities will be a shot in the arm for the global adoption of cryptocurrencies.

Largest crypto payments processor for platform sellers

The two companies announced the arrangement after a beta trial that commenced in 2019. The collaboration allows the following benefits for the former’s customers:

  • Reduced transaction fees
  • More cryptocurrencies to choose from
  • Easier and faster transacting
  • New, untapped global markets now within reach
  • Smooth cross-border payments
  • No hassle of working with multiple processors across multiple jurisdictions

Shopify is a multi-channel commerce platform for online stores across multiple sales channels, including web, social media, mobile, marketplaces, brick-and-mortar locations, and pop-up shops.

“The combination of Shopify and CoinPayments is unstoppable in the payments industry. By bringing our easy-to-use global crypto payments platform together with Shopify’s extensive merchant base, we look forward to delivering a seamless process for anyone looking to do business using cryptocurrencies. As leaders in e-commerce and crypto payments, our combined expertise reflects the future of business transactions,” said CoinPayments CEO Jason Butcher.

Shopify is very digitally oriented

In February, the eCommerce platform joined Facebook’s (NASDAQ: FB) Libra Association.

“Shopify spends a lot of time thinking about how to make commerce better in parts of the world where money and banking could be far better,” tweeted CEO Tobi Lutke. “That’s why we decided to become a member of the Libra Association.”

If it gets off the ground, the Libra cryptocurrency will cost practically nothing to transfer between wallets – a major saving for Shopify’s over a million merchants.

Related Story:  Cryptobuyer-Mega Soft Tie-up to Allow Venezuelans the Use of Cryptos                                                 

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