Shopify merchants can now accept cryptocurrency as a payment method through Crypto.com Pay’s integration with Shopify.
Shopify has been quietly rolling out crypto-related features on its platform.
Ottawa-based e-commerce tech giant Shopify has been quietly rolling out crypto-related features on its platform. The Crypto.com partnership is just the latest making it possible for merchants to accept crypto.
Last month, American digital payments platform Strike, which is built on Bitcoin’s Lightning Network, announced its integration with Shopify. This enabled Shopify merchants based in the United States (US) to receive Bitcoin payments from customers globally as US dollars.
In addition to its recent integration with Crypto.com Pay, Shopify’s other cryptocurrency integrations also include Coinbase Commerce and BitPay.
Founded in 2016 by Bobby Bao, Gary Or, Rafael Melo, and Kris Marszalek, Crypto.com is a cryptocurrency exchange app that currently offers more than 250 cryptocurrencies to over 50 million customers in 90 countries. Initially anchored in Hong Kong, the company is now based in Singapore with around 5,000 employees dispersed across its offices in the Americas, Europe, and Asia.
Since launching in 2018, Crypto.com claims that its payments product has helped businesses such as TIME Magazine, Ledger, and Coinzilla accept cryptocurrencies as a form of payment on their websites.
Crypto.com said that it will waive the 0.5 percent settlement fee for Shopify businesses on all transactions for one month after the integration with Crypto.com Pay. The promotion is valid for all merchants that sign up for Crypto.com Pay until June 30.
Through Crypto.com Pay, customers can pay with more than 20 tokens, including Bitcoin, Ethereum, Cronos, Shiba Inu, Dogecoin, and ApeCoin.
Crypto.com Pay allows merchants using the Shopify integration to receive cryptocurrencies instantly with zero transaction fees. The company touts this offering as an off-chain service that is real time and accessible to all Crypto.com users, not just limited to Shopify vendors. As a business incentive, Crypto.com also offers customers crypto-cashback Pay Rewards when they check out with the Cronos token (CRO), which can be up to 10 percent during the promotion periods.
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Shopify’s quiet moves in the Web3 space has come as the company has also made it possible for eligible sellers to sell non-fungible tokens (NFTs). The NFT move came in July of last year. As reported by TechCrunch, one of the first to jump on this opportunity was the NBA’S Chicago Bulls, which launched an online store on Shopify to sell its first-ever NFTS, including digital artwork of NBA championship rings.
Shopify entrance into Web3 is led by its blockchain team, of which John S. Lee was appointed as head of blockchain programs in 2021. Lee was also part of the technical steering committee at Diem Association (formerly Libra) until January.
The Diem Association was a cryptocurrency collective launched by Meta, and meant to be a stablecoin payment system. Diem was shut down in February as the association confirmed it would sell off its Diem Payment Network assets to Silvergate, a crypto-focused bank, for $200 million.
Featured image from Crypto.com Arena.