E-commerce platform Shopify will now let merchants accept payments in crypto, after a partnership between the platform and CoinPayments was announced on May 20. The strategic partnership is motivated by both parties wanting to “fuel wider adoption of payments in digital currencies.”
Shopify and CoinPayments first launched a beta trial in 2019, with the new announcement being the positive culmination of those tests. Over 1,800 cryptocurrencies can be used to pay merchants with a visible CoinPayments being a visible payments option on the platform.
CoinPayments expects greater exposure through this collaboration, while Shopify’s merchants will now have access to a much greater market as an array of cryptocurrencies can be used for payments.
CoinPayments CEO Jason Butcher was expectant of what this collaboration could mean for the future of online business,
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 ecommerce and crypto payments, our combined expertise reflects the future of business transactions.
Over 100,000 merchants across the world use Shopify’s POS service, bringing in about over $135 billion in sales as reported in October 2019. A small portion of this market would still be a considerable step forward in terms of adoption for cryptocurrencies.
Shopify had prior experience with cryptocurrencies, having partnered with BitPay and Coinbase Commerce. These partnerships also allowed merchants to accept payments in cryptocurrencies. It has also been in the headlines for having joined Facebook’s Libra Association in February, which counts many other prominent incumbents as members.