In a partnership between cryptocurrency payments processor Coin Payments and Shopify, consumers will have more options for digital asset payments. This is a new development between the Canadian e-commerce firm and the cryptocurrency firm, and the compatibility suggests more partnerships could be in the future. The CEO of Coin Payments, Jason Butcher, told the media that Shopify is a natural fit for their services.
Butcher went on to say that Coin Payments is continuing to look for new features to offer their base of merchants. It also aims to drive adoption of cryptocurrencies around the world. He said that it makes sense to integrate the two services for easy, cost-effective and secure transactions.
A seller on the Shopify platform is now able to make use of the Coin Payments processing platform. The platform allows a seller to use any of the 1,800 digital asset payment options. This information was released in a statement dated May 20, 2020. Shopify is marketing the compatibility of cryptocurrency payments with its new partnership with Coin Payments. Shopify has already provided sellers with access to Coin Base Commerce, BitPay, GoCoin and a few others. Adding Coin Payments expands their services. Butcher explained that because Coin Payments is the world's biggest cryptocurrency payment processor, it will allow Shopify to have a global reach.
The partnership details were released after the two firms completed a lengthy testing phase. The beta testing began in 2019. According to Butcher, the trial period involved a total functionality and security test. They used live merchant interactions before making it available to the whole Shopify platform.
Another blockchain business, Aeternity, also just offered a digital asset tipping option. It is designed for social media influencers. This could add to the ways that cryptocurrency services are reaching regular people, not just investors or people who are trying to avoid the traditional banking system.
There are likely to be further developments and partnerships between eCommerce platforms and cryptocurrency payment processors. Investors should plan to keep a close eye on developments. It will also be interesting to see which countries allow these partnerships to form.