Shopify Now Accepts Cryptocurrency Payments Thanks to CoinPayments Partnership
A new partnership with CoinPayments has opened the option to pay through cryptocurrency.
The Canadian-based e-commerce platform, Shopify, now allows shoppers to pay for their products with cryptocurrency. This is one step towards the goal of both companies to drive the wider adoption of digital currency payments.
Its merchants will now be able to receive payment in over 1,800 digital assets, in partnership with CoinPayments.
This announcement happened after a successful beta trial that ran throughout 2019.
Under the terms of the partnership, CoinPayments will provide a visible payment option on the Shopify platform with reduced transaction fees. This is a significant step towards making cryptocurrency payments more accessible, and extends the reach of Shopify vendors to previously untapped markets around the world.
CoinPayments CEO, Jason Butcher, believes that this partnership is “unstoppable.”
“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 eCommerce and crypto payments, our combined expertise reflects the future of business transactions.”
Butcher is the new CEO of CoinPayments, having formerly been the COO for the Cayman Islands-based firm. He hinted at a series of new partnerships that were in the works between the company and several prominent names in the digital currency industry.
Shopify is present in more than 175 countries and the use of cryptocurrencies have the potential to make cross border payments easier and less expensive. Additionally, it also gives merchants a measure of relief since they no longer need to worry about using multiple payment processors, which is currently the case when accepting overseas payments.
Earlier this year, Shopify announced that it had become a member of Facebook’s Libra Project. While the association has experienced several high-profile departures (particularly Visa’s), the cryptocurrency project now has 27 partners.
CoinPayments is a prominent cryptocurrency payments processor, and has processed over $5 billion in crypto payments. It is the preferred crypto payment solution for several merchants and eCommerce vendor platforms around the world.