Coinbase Commerce App Reaches $50 Mln in Trading Volume, Starts Accepting USDC
The mobile app developed by Coinbase for online merchants has got over
the figure of $50 mln in payment transactions after it was released in February
In February 2018, Coinbase exchange launched the Coinbase Commerce app that allows merchants to directly take crypto payments. Customers can pay for goods in crypto. Since it was launched, the app has been accepting just a few coins – BTC, BCH, LTC and ETH, four of the top ten digital assets.
CoinDesk reports that today, on Thursday, the app registered a total trading volume amount exceeding $50 mln since the time Coinbase Commerce was launched.
Trading volumes are picking up
The head of the product at Coinbase Commerce, Justin O’Brien, said in an interview that in the second quarter 2019 volumes began to rise and by now have achieved $50 mln.
The mobile app by Coinbase enables both merchants and buyers to use crypto easily. Besides, Coinbase Commerce was developed so it could be integrated with existing payment flows.
Presently, the app is used by such merchants as OpenCart, WooCommerce and a couple of others. Merchants that want to make use of Coinbase Commerce have to create an account and a custodial wallet, so they can receive crypto.
As per O’Brien, more and more merchants are
beginning to use the app, while straight after launch it was more for enthusiasts
of digital currencies. Coinbase Commerce is getting more and more exposure and
its adoption advances quite fast for such a product.
More coins to be added
As said above, after the launch the app only accepted several highest ranking coins. This week, Coinbase Commerce added the USD Coin – a stablecoin, developed by Coinbase and Circle startup.
The team of the app has made certain upgrades, so soon the the mobile platform will be able to take all ERC-20 tokens as payment.
After adding USDC, O’Brien believes that the
app will get more users, since stablecoins are not vulnerable to volatility
jumps unlike decentralized coins, such as Bitcoin or Ethereum.
Coinbase expands its product range
This year, Coinbase exchange has also launched another product that is aimed at everyday use – Coinbase Card released in collaboration with Visa payment service.
The card allows people to simply convert their crypto into fiat via a special app and merchants get fiat currency for their services and goods.