Coinbase Commerce, a cryptocurrency payment network has launched the DAI Stablecoin on the platform.
According to an announcement on 13th February, traders will now be allowed to receive DAI payments through the platform’s personal API and also the 12 e-commerce partners.
The company stated that it launched DAI as a tradable token on their Network in May 2019
Merchants can receive DAI payments by connecting their online stores to a Coinbase Commerce checkout or by employing the point-of-sale interface, an official blog post on Medium said.
Coinbase trying to bring stablecoins on board
The company is trying to bring stablecoins on board with this new development.
According to them, Stablecoins such as USDC and DAI allow for less volatility when storing crypto.
They are also linked to the value of fiat currency instead of the guesses of the cryptocurrency markets.
They added that allowing these selections on their platform automatically implies that customers can benefit from marketing goods worldwide.
The advantage of this is holding stable currency value on a decentralised network.
All these point to their objective which is trying to make cryptocurrency payments very easy and accessible to the masses.
The customer feedbacks and responses inspired this objective.
About Coinbase Commerce
Coinbase Commerce is the payments focused branch of the global leading crypto exchange Coinbase.
Coinbase Commerce enables users to integrate crypto in their businesses.
It is a free-to-use service for online merchandisers.
Beginning with bitcoin (bitcoin cash and litecoin), the outlet has only added support for USDC.
USDC is the stablecoin developed by Circle and Coinbase as a fraction of the CENTRE consortium since its introduction two years ago.
The integration of Coinbase Commerce means DAI could be adopted by the almost 4 million online merchants that utilize the payments service.
Coinbase said it had surpassed more than $135 million in merchant transactions in 2019, a 600 per cent increase since 2018.
Crypto payments as a component are anticipated to be the future of the industry, especially when the belief that “crypto can bring you simple and sudden wealth” is disappearing gradually.