On May 20, 2020, crypto payments processor CoinPayments announced that it had formed a strategic partnership with Canadian e-commerce platform Shopify.
CoinPayments reported that the partnership would bring its crypto payments processing platform to all Shopify merchants as both corporations look to fuel wider adoption of payments in digital currencies.
Now, CoinPayments will be a visible payment option for merchants on the Shopify platform and will make crypto transactions more straightforward and accessible while reducing transaction fees.
The collaboration, which is the result of encouraging results from a successful beta trial run at Shopify last year, further enables cross-border payments, allowing merchants to eliminate the hassle of working with multiple payment processors across different jurisdictions.
Founded in 2013, CoinPayments describes itself as a digital currency payment solution allowing merchants to accept bitcoin and numerous altcoins in their store through easy to use plugins, APIs, and POS interfaces.
New Partnership Is a Boon For Crypto Adoption
Powering over a million e-commerce sites, Shopify and CoinPayments’ partnership will be a great boost for crypto adoption.
Vendors will now be able to receive payments in any of the 1,800 cryptocurrencies supported by CoinPayments and can access the untapped markets globally.
With bitcoin fees now approaching $6 for a single transaction, this flexibility to pay in a variety of other cryptocurrencies is essential. Jason Butcher, the CoinPayments CEO, commented:
“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 part of CoinPayments’ aggressive expansion strategy, the FinTech start-up revealed it is planning to expand its partners and merchants in the near future.
Shopify Follows the Crypto Path
This latest partnership highlights the growing popularity of crypto, as contactless payments continue to be the talk of the town in the wake of Covid-19. In fact, a recent survey by HSB indicated that close to 36% of small businesses in the U.S. now accept digital currency payments.
Shopify’s intent to adopt digital payments is ever-growing, as showcased by the company’s decision to join Facebook’s Libra Association earlier this year.Although Shopify advertised crypto payment compatibility on its site prior to the CoinPayments deal, this latest offering is the largest payments processor on the Shopify platform with the most extensive global reach.