Shopify deal with CoinPayments means merchant payments in 300 cryptocurrencies

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Cryptocurrency broker CoinPayments has announced that they have done a deal with Shopify that will allow merchants to receive payments using 300 different crypto options via their ecommerce platform.

Here’s the relevant tweet:

You can find out more on the Coinpayments and Shopify arrangements on this page.

Judging by some of the buzz on the social media, there is no doubt that plenty of the cryptocurrency enthusiasts are very excited about this development. Although we don’t immediately foresee a significant uptick of merchants using cryptocurrencies for online retail. But that could well change in future and as the technology becomes more familiar to a wider population.

And ecommerce supplier Magento is also getting involved in the trend. You can now integrate your Magento 2 store with one of the most popular world cryptocurrencies — WAVES. They say that this will help merchants expand their business internationally by providing customers with a fast, secure and transparent method of payment. WAVES promise no fraud, no chargebacks, minimal transaction fees and fast processing in what they predict will become the future of ecommerce payments.

Of the big players, neither eBay or Amazon has yet taken to plunge to enable crytocrurrencies as a marketplace payments option. They are now both keeping a watching brief. Amazon has filed some patents related to the trend although has made no firm commitments. eBay is also examining the possibilities and the future transition to the Adyen platform might offer them more options but that won’t be in full swing until 2021. PayPal has shown interest too but comments from the company have been resolutely sceptical.

But whether the marketplaces adopt cryptocurrencies is really up to merchants. Are they something that interest you?

One Response

  1. definitely an interesting proposition, not sure whether i’ll activate it, while i personally keep an eye on crypto and such like, and had investigated the possibility of accepting crypto on the site, i’m just not sure crypto is a good match for our offering.

    I’d like to learn more, such as how it integrates with the shopify checkout, but the only option is to add it to the site blind, or never know how it looks, apparently.

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