The merchant arm of American cryptocurrency exchange Coinbase, recently started offering a new invoicing feature to its users. Coinbase Commerce will allow users to create and send invoices in cryptocurrencies to their users which can be paid online.
What is Coinbase Commerce?
Coinbase Commerce is the merchant arm of the San Francisco based crypto exchange. It helps merchants in setting up business checkout pages, multiple integrations, and payment buttons on their pages. With the new invoicing feature, it would become easy to invoice users in multiple digital currencies. The invoice also auto-generates a wallet address for the user to help them track their payment transactions.
Coinbase Commerce recently announced that it had added over 8,000 integrated retailers to its network and crossed $200 million in transactions. John Zettler, the leader of Commerce for Coinbase said that their activity was not impacted by the coronavirus pandemic. He also said that Bitcoin is still the most preferred coin on their service. However, it also allows users to accept other digital currencies.
Stablecoins gain prominence
Zettler noted that stablecoins are also acquiring a bigger market share, especially USDC. The dollar-pegged stablecoin was launched by Circle and Coinbase. It saves users from the regular fluctuation in prices common with other currencies. Stablecoins provide a low-friction way of adding cryptocurrencies to a business by bridging the traditional and crypto finance markets.
Coinbase has been working to improve the adoption of US-dollar backed stablecoins. On its institutional platform, the only way to avoid paying a fee when converting fiat to crypto is via USDC. The coin is the second larger stablecoin and the 13th largest cryptocurrency.
While improving the range of its products, Coinbase recently filed IPO documents to the US Securities and Exchange Commission (SEC) secretly. The company’s latest valuation was $8 billion after a $300 million funding round in 2018. The company may choose to list new shares or sell old shares publicly, depending on the response from the SEC.
