According to a recent announcement, the mem-based coin Dogecoin became the seventh cryptocurrency for merchants to accept payments on Coinbase’s e-commerce portal. The platform currently supports Bitcoin, Bitcoin Cash, Ether, Litecoin. The platform also supports stablecoins, including Dai (DAI) and USD Coin (USDC). An integration with Coinbase.com enables the customers of Coinbase Commerce to convert their crypto payments into U.S. dollars, euros, pounds, or USDC without leaving the e-commerce portal.
Coinbase Commerce became Sotheby’s payment partner.
Coinbase Commerce recently took the stage as Sotheby’s payment partner during the auction offering Banksy’s iconic protest artwork Love is in the Air. At the 14-minute bidding battle, which was marked by the auction house as the first time cryptocurrency was accepted as a payment option for a piece of physical artwork, bidders could pay using BTC or ETH through the partnership with the e-commerce arm of U.S. crypto exchange Coinbase. Sotheby sold Banksy’s art for $12.9 million, but the auction house didn’t comment on whether the final payment was made with crypto.
Coinbase CEO Brian Armstrong recently touted crypto as a tool for more financial freedom.
Coinbase CEO Brian Armstrong pointed out some of the biggest benefits of cryptocurrencies like Bitcoin, stressing that crypto is “simply providing an alternative for people who want more freedom.” Armstrong stressed that one’s stance on the crypto industry depends on a perspective, elaborating that people who want more control from financial regulators are free to enjoy the traditional fiat system. Earlier this year in March, nearly two years after its inception, the e-commerce platform exceeded $200 million in total transactions processed with 8,000 retailers using Coinbase for payment services. Bitcoin was by far the preferred payment method among the available cryptocurrencies on the platform, stated product lead John Zettler.