Coinbase's Merchant app conducted $50M of transactions in 1 year

posted about 1 year ago
Coinbase Commerce – the exchange unicorn’s app for online retailers – announced it hit $50 million in transactions since launching in early 2018. “Volumes really started picking up in Q2 [2019] They’ve been on an upward trend since we launched.” - Justin O’Brien, product lead for Coinbase Commerce.

To use Coinbase Commerce, merchants need to set up an account and create a non-custodial wallet for receiving cryptocurrency. Payments received via Coinbase Commerce go to the wallet and remain as crypto. In order to shift funds to fiat, merchants need to withdraw the cryptocurrency and sell it. Primarily, the point-of-sale product serves the crypto industry – with some non-crypto companies joining the network as well, O’Brien said “We have a grocery store in Madagascar that’s accepting cryptocurrency with Coinbase Commerce.”
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