The Canadian e-commerce giant Shopify has partnered with CoinPayments to enable its clients to pay merchants in over 1,800 digital currencies as opposed to an earlier basket of only 300 based on its ongoing partnership with BitPay. This new partnership with CoinPayments shows that Shopify is indeed committed to the growth of global payments. Shopify, in a statement, said, “get paid faster in any of the 1,800 cryptocurrencies supported by CoinPayments. Shopify is also a member of the Swiss-based Libra Association.
“CoinPayments collaborates with Shopify to drive crypto adoption.”
The CEO of CoinPayments, Jason Butcher, also said that Shopify is a good fit for their nature of operations. In an email to the crypto news platform Cointelegraph, the CEO of the Cayman Islands-based crypto payments processor said that they are looking to derive the crypto adoption forward. It, therefore, follows that Shopify presents this opportunity to expand with new products integrated into the platform. The CEO said that as Shopify looks to bring new features to their merchant base and they work to drive crypto adoption globally, it makes sense to create an integration that enables easy, secure and cost-effective transactions.”
Crypto adoption sees a boost amid the pandemic.
The e-Commerce sector has emerged among the few gainers amidst the ongoing pandemic as people take measures to avoid physical contact as much as possible. During the pandemic, the need for digital payments has increased a lot as it is an alternative for physical currency. The demand for digital payments can be seen as payment providers like Mastercard and Visa are now collaborating with some crypto entities such as Binance and Coinbase. It’s not just private payment companies that are adopting digital payments, countries are also looking to issue central bank-backed digital currencies. As reported earlier, the use of bitcoin on the darknet has increased by manyfold in the first quarter of 2020.