Coinbase Commerce enables businesses to accept USD Coin [USDC] for payments

[Pegasus]

Coinbase, one of the largest cryptocurrency exchange platforms in the U.S. in terms of users, announced that USD Coin could be used a mode of payment by businesses using Coinbase Commerce. The announcement was made on 20 May 2019 through their official Medium blog and stated that, “accepting” the stablecoin “gives our merchants many benefits of accepting cryptocurrency, but at a stable price.” Some of the plus points include no transaction fees, complete control of funds, and no chargebacks.

The platform announced on Twitter,

“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.”

Further, the blog post stated that acceptance of the stablecoin would be as seamless as acceptance of cash for businesses. Additionally, this payment mode would not encounter the problems faced by credit card payments, considering it enables merchants to accept payments from customers anywhere in the world within minutes and without transaction fees.

Eliyahu Switzer, a Twitter user, said,

“What are the benefits of accepting a centralized “cryptocurrency?”

That apart, CEO of Coinbase Custody, Sam McIngvale, revealed that Coinbase Custody was baking with delegated client funds since cycle 105. He stated that the firm had produced “over 100 blocks and captured a few steals too” so far, adding that their efficiency was more than a hundred percent.

Our staking infrastructure is off to a good start 👌 pic.twitter.com/wVnURFfCI6

— Brian Armstrong (@brian_armstrong) May 20, 2019

@Stevenut, another Twitter user, commented,

“Congratulations on making money with #tezos @CoinbaseCustody perhaps you might like to give something back and list #tezos so rest of us can benefit”

The announcement of Coinbase Custody providing institutional support for Tezos [XTZ] baking was made in March 2019. Offline staking support was extended to Tezos by the platform mainly because of its Delegated Proof-of-Stake architecture, along with high demand from the customers’ side.

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