Coinbase crypto payment processor now accepts USD coin
Thu, 23 May 2019, 09:03 am UTC
Digital currency exchange Coinbase revealed that its cryptocurrency payment processor Coinbase Commerce now supports the dollar-pegged stablecoin USD Coin (USDC).
In its blog, the California-based company said it now accepts Circle’s USDC as payments without any transaction fees and chargebacks.
“Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account,” the company stated.
Coinbase Commerce can be easily added to a merchant’s checkout flow or to its payment option. One of its touted benefits is allowing businesses to accept online payment similar to receiving cash in-store. In addition, transactions using USDC as payments can be done around the globe in just a few minutes.
Starting today, businesses using Coinbase Commerce can now accept payments in USD Coin (USDC), a US dollar-backed stablecoin. Our merchants can now take advantage of the many benefits of accepting cryptocurrency but at a stable price. Learn more: https://t.co/zpht5Io5qA pic.twitter.com/Ebga1MeC5w— Coinbase Commerce (@CommerceCB) May 20, 2019
It was just last week when Coinbase launched its expanded support for crypto-to-crypto trading for USDC to 85 countries. In its blog post, the company emphasized that USDC, unlike other cryptocurrencies, is “backed by $1 USD with monthly transparent audits showing 100% USD backing.”
According to the firm, this meant good news for new clients in countries such as Argentina and Uzbekistan, where the inflation rate is anticipated to increase by 10-20% in 2020.
“Stablecoins like USDC could provide an opportunity to protect against inflation,” Coinbase said.
Meanwhile, Coinbase also expanded its Coinbase Earn Program to over 100 countries. The platform is a great way for users to earn cryptocurrencies while learning.
Coinbase Earn Program users can earn crypto for answering quizzes, completing tasks, and trying new decentralized protocols. The digital currencies available include Stellar Lumens (XLM), ZCash (ZEC), Basic Attention Token (BAT), and 0x (ZRX).
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