Retail Payment Portal By Coinbase Passes $200M In Transactions

Coinbase Commerce is a platform which supports cryptocurrency payments for Internet retailers. As it stands, the platform passed $200 million in total transactions processed over its two-year history. The retail payment portal is a subject of new statistics which show that its success was due in part to the 8,000 retailers currently using Coinbase for payment services.

The Coinbase news also show that while the coronavirus pandemic is doing a lot of harm to the traditional markets, the retail payment portal by the exchange is benefiting and recently passed the $200 million threshold in terms of transactions.

In other words, Coinbase Commerce’s customers are still comfortable using Bitcoin (BTC) to pay for products. According to the project lead at the company, John Zettler, BTC was by far the preferred payment method among the cryptocurrencies offered as payment methods on the platform. He said:

“Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most.”

We can now see that volatile price movements often make it difficult for retailers to accept cryptocurrencies. However, the retail payment portal by Coinbase indicates that more retailers are warming up to this idea.

Even though the Bitcoin news from earlier this month showed that BTC was one of the hardest hit cryptocurrencies during the crypto downturn on March 12, stablecoins reaped some benefits. As a report on our website showed, the transfer value of stablecoins hit an all-time high of $444 million the day following the crash.

The native stablecoin that Coinbase has, USD Coin (USDC), was also one to which crypto holders may have been turning to – in an attempt to preserve their capital after the bloodbath. When it comes to the USDC market cap, it reported a 57% increase over a 30-day period ending on March 25.

Both USDC as well as other stablecoins can be used for crypto purchases on the retail payment portal by the exchange, Coinbase Commerce. The platform recently added MakerDAO and the DAI stablecoin as a supported payment method.

The coinbase news in general show that the exchange is doing well when coping with the entire pandemic and while most of the markets are suffering because of COVID-19, crypto (and stablecoins in particular) has a good chance to prosper.