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Smith

Shopify's new crypto payments partnership

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How will Shopify benefit from its new Crypto payments partnership?

 

 

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Hi Smith,
Shopping platform Shopify has options for customers to make payments for their goods through cryptocurrencies. Among acceptable cryptos are Ethereum, Litecoin, and Bitcoin, among more than 300 other cryptos.
CoinPayments
To make crypto transactions more accessible and easier, Shopify has partnered with CoinPayments, a crypto payments processor. With this partnership, merchants can process over 1,800 different cryptocurrencies and reduce transaction fees. This cooperation ensures a seamless transaction process for anyone conducting business using cryptos.
CoinPayments transact payments for several stable-coins, like Gemini Dollar, USD Coin, and TrueUSD. The stable-coins are more appealing to shoppers and merchants, who can rest in the knowledge that the value of their payments will not skyrocket or plummet overnight.
Libra Association
Shopify has also joined Facebook fronted Libra association. The association aspires to venture into underbanked markets through its Libra crypto. Shopify’s partnership with Libra targets the stable-coin enjoined to fiat currencies rather than traditional algorithm mining.
The resulting stability would make Libra a better payment option when compared to volatile cryptos like Bitcoin. In addition, Shopify would have access to Facebook, WhatsApp, and Messenger membership to expand into as a market.
Magento, Shopify’s top competitor, recently joined hands with the Utrust payments platform. The partnership provided Magento’s more than 250,000 merchants with access to crypto transactions. This partnership grants Adobe’s Magento a competitive challenge to Shopify since Magento taps into Adobe’s marketing, advertising, and cloud analytics.
In A Nut Shell
Shopify most probably does not expect crypto payments to surpass normal payment avenues in the near future. However, it would not want to lag behind on a critical technology curve. Furthermore, Cryptocurrency markets remain relatively niche areas, but they do have immense potential for growth.


Should stable-coins and cryptos gain ground, recent partnerships Shopify has made would widen its competitive advantage over Adobe and other competitors.

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Great question, Smith.

From Litecoin to Ethereum, Shopify accepts over 300 digital coins in its platform. However, the site has merged with cryptocurrency processor CoinPayments to extend its reach. The remittance company’s transactions have exceeded $5 billion so far. 
Terming the combination unstoppable, CoinPayment boss Jason Butcher expressed the hope of creating a seamless procedure for crypto businesses. This comes after a fruitful beta test that began in 2019. 
In addition to CoinPayments being displayed as a payment alternative, Shopify users will benefit from the 1800 coin types in its system. Seeing Shopify serves over 175 countries, this collaboration will also enhance cross-border remittance. 
The e-commerce giant has also included Facebook’s Libra association in its crypto expansion. Instead of conventional algorithm mining, the alliance targets stablecoins backed by fiat currency. This will give Libra an edge over other volatile options like Bitcoin. What’s more, Shopify will access Facebook membership as well as related forums like Messenger and WhatsApp.
 

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Hello Smith,

Not long ago, Shopify formed a partnership with CoinPayments, a platform that offers merchants to conduct payments of 1,800 types of different digital currencies.

Since its launch in 2013, CoinPayments processed more than $5 billion worth of crypto payments. It also offers other services including shopping cart plugins, crypto wallets, shopping cart plugins and so on.

Shopify said in a statement that teaming up with CoinPayments should facilitate crypto transactions and make cryptocurrencies more accessible to the retailers. Another benefit is that it would cut the costs of crypto payments. 

The Chief Executive of CoinPayments, Jason Butcher, thinks that this alliance will be unstoppable in the 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,” Butcher said.
 

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In May, CoinPayments publicized its alliance with e-commerce heavyweight Shopify. Presenting Shopify users with a digital payment option, the collaboration will see CoinPayments reduce activity charges to increase crypto access.
Vendors, on the other hand, will enjoy unexplored global markets and have 1800 cryptocurrencies at their disposal. The declaration follows a fruitful beta test that began in 2019. This period included functionality and checks with live vendor interactions.
But this is not the first crypto project Shopify is undertaking. In February, the site declared its involvement in Facebook’s Libra program. The move came as a surprise given Facebook’s fallouts with partners like Visa and PayPal. If the social media giant makes it past the regulatory hurdles, Shopify could get free credit card transactions.
Additionally, the online shop will benefit from Facebook’s vast membership on all its sites including WhatsApp and Messenger. The partnerships are a huge win for the mainstream adoption of cryptocurrencies. Though some corporations allow cryptocurrency payments, the number of customers who choose this option remains unclear.
 

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Hello Smith, thanks for asking the question.

Shopify recently teamed up with CoinPayments, a platform that facilitates crypto payments, including more than 1,800 digital currencies. 

Since it started operating in 2013, CoinPayments handled more than $5 billion worth of cryptocurrencies. It also offers different services such as shopping cart plugins, APIs, and virtual wallets.

Shopify said the partnership will make crypto transactions much easier and more accessible to its clients. Additionally, the processing of crypto transactions will also become cheaper due to their low fees. 

The partnership also means that Shopify customers will now be able to make payments with Bitcoin, Litecoin, Ethereum, Ripple, and many other cryptocurrencies. 

Since it hit the market bottom, shares of Shopify gained about 175%, and surged over 200% over the past four months.
 

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