Global E-Commerce Giant Shopify is implementing early access to Stablecoin payments at the Circle USDC in collaboration with Major Us Exchange Coinbase.
Shopify plans to completely deploy USDC (USDC) payments at the base of the Ethereum Layer-2 (L2) Coinbase network through Shopify payments and the store payment during the year, the company announced Thursday.
“We believe that Stablecoins is a natural way of carrying out transactions on the Internet and worked with Coinbase to develop the smart contract of the Commerce payment protocol that drives this work,” said the CEO of Shopify, Tobi Lutke, in an XX on Thursday.
The new Stablecoin payment function by Shopify also allows the company to offer buyers such as 1% reimbursement in cash in local currency payments in the future, the CEO said.
Shopify Base Taper for payments
The Coinbase base base base is the fourth largest network for the USDC, with USDC issued by the base that represents 6% of the total stablecoin supply of $ 61 billion, according to the transparency data of the USDC and Coingcko.
Built by Coinbase, Base is an “ultra -fast and affordable network that has become an excellent way to move money,” Shopify said. The company also mentioned that the base sacrifices “rapid, cheap and safe transactions” while providing a 24/7 global payment railway.
Since Shopify did not mention whether the company expects to consider the native support of more USDC chains or simply some additional cryptographic assets and Stablcoins, many online commentators were curious about the choice of the base.
Related: The great technicians consider adopting Stablecoins as the debate of the genius law continues
“What is the point of reducing the top of the funnel? You must support all the chains that scratch through the USDC supports,” a user wrote in X.
Bitcoin indirect support since 2013
The new Shopify USDC Association with Coinbase is not its first effort in Crypto.
Shopify has been indirectly supporting Bitcoin (BTC) payments through Gateway Integrations since 2013, when the company’s official announced that all its 75,000 Mercess were free to start accepting Bitcoin.
According to the Help Center Shopify, Shopify allows merchants to integrate at least nine additional payment methods with a wide variety of compatible cryptographic assets, through integrations with the payment of the link doors of this party and more bitpay and more.
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The last association between Shopify and Coinbase is not the first collaboration between the two companies in relation to the digital currency.
In 2019 and 2020, Coinbase and Shopify joined the Metablin of Meta (previously Facebook) project, initially known as Libra. After years of rejection of world regulators, the project was closed official in early 2022.
