Coinbase 8-Figure Spending on its Retail Platform

March 30, 2020 6:07 PM UTC

Bitcoin’s adoption is still increasing amid the global recession. As reported earlier, the Italian Bank launched a new service allowing users to transfer remittance using Bitcoin. Similarly, some charity organizations have recently started collecting donations in BTC. 

According to CoinDesk’s report, Coinbase’s Commerce, a platform that helps crypto payments for an online store, has crossed a $200 million in transactions in two years. It seems that the platform has jumped to a new high thanks to the 8,000 retailers currently using it.

More Retail Businesses Are Accepting Bitcoin

Coinbase Commerce’s performance indicates that users are comfortable buying goods using Bitcoin. Despite the traditional markets being smashed due to the pandemic outbreak, Bitcoin usage is increasing.

Coinbase Commerce product head, John Zettler, said:

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

Sometimes shopkeepers have to face problems while accepting cryptocurrencies because of price fluctuations. However, Coinbase figures appear to indicate that countless retailers are comfortable with the volatility.

Although Bitcoin’s growth adoption is still increasing, stablecoins realized more benefits with a massive raise seen in their market capitalization. After the crypto downfall, many holders have swapped their investment for stablecoins in an attempt to protect their assets. USDC, Coinbase’s stablecoin market cap has raised 57%. Coinbase Commerce provides payments solution in both cryptos and stablecoins.

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