Coinbase Commerce, a platform that supports cryptocurrency payments for internet retailers, just passed $200 million in total transactions processed over its two-year history.
According to sources available to Cointelegraph, the wing of the largest crypto exchange in the U.S. reported on March 26 that the platform’s success was due in part to the 8,000 retailers currently using Coinbase for payment services.
Bitcoin preferred for retail payments
While the coronavirus pandemic is wreaking havoc with traditional markets, the news from Coinbase Commerce would imply consumers are still comfortable using Bitcoin (BTC) to pay for products.
John Zettler, product lead at Coinbase Commerce, said BTC was by far the preferred payment method among the cryptocurrencies offered as payment methods on the platform:
“Merchant customers often tell us it's the crypto they're most familiar with and the one they trust the most.”
Volatile price movements often make it difficult for retailers to accept cryptocurrencies. However, if these numbers from Coinbase Commerce are any indication, it seems that more retailers are warming up to the idea.
Coinbase’s stablecoin big winner of crypto bloodbath
While BTC was one of the hardest hit during the crypto downtown on March 12, stablecoins reaped some benefits: the transfer value hit an all-time high of $444 million the day after the crash.
Coinbase’s own stablecoin, USD Coin (USDC), was one to which crypto holders may have been turning in an attempt to preserve their capital following the bloodbath. In terms of market caps, USDC reported a 57% increase over a thirty-day period ending on March 25.
Both USDC and other stablecoins can be used for crypto purchases on Coinbase Commerce. The platform recently added MakerDAO’s DAI stablecoin as a supported payment method.