Coinbase Commerce Adds Support For DAI Stablecoin

Coinbase Commerce, the merchant payments arm added support for the DAI stablecoin thus bringing together the decentralized finance and online retail as we are reading in the coinbase news today.

MakerDAO announced back on Thursday that coinbase commerce had integrated DAI as a new payment method which will open the cryptocurrency to the affiliated online merchants and online commerce platforms such as Woocommerce and Shopify. The integration will further introduce ‘’ merchants to a growing segment of the crypto market and will allow them to bridge the gap between DeFi dapp entrepreneurs and their own real-world businesses’’ according to the report.

Coinbase Commerce is free to use for online retailers and even allows them to integrate cryptocurrency into their business operations. Starting out with Ether, Bitcoin, Litecoin and Bitcoin Cash, the platform has only added more support for USDC which is a stablecoin created by Coinbase and Circle as a part of the Centre consortium. Coinbase still hasn’t commented more about this topic.

With the new integration, the merchants will be able to make some interest on the received DAI by transferring them into the DAI savings rate from the maker protocol smart contract. The DSR interest rate reached 0.75 percent by community vote back in February. MakerDAO stated that the integration will boost the DAI perception and will increase adoption. There is now about 435,000 ether which is worth about $117.4 million which were locked in DAI vaults and they got down more than 75 percent since the all-time high in November, according to the statistics site MRK tools. Maker vaults create DAI as the users commit collateral assets into them.

The Coinbase Commerce integration means that the DAI will be accepted at about 4 million online merchants that will use the payment services. Coinbase said that it has surpassed more than $135 million in merchant transactions in 2019 which is a 600 percent increase since 2018. The latest Coinbase news shows that the exchange looks forward to the May Bitcoin halving event which draws closer. In fact, the exchange recently took to pushing the “Bitcoin as digital gold” narrative. A tweetstorm shows that Coinbase claims Bitcoin will officially become the new digital gold, outlining all the reasons why the halving and the subsequent supply rate reduction can cement its position.