Coinbase Commerce eclipses $50 million in transactions

Coinbase Commerce, the exchange’s online retail service, announced today it has facilitated $50 million in transactions since launching last year. With 10,000 monthly users, the platform is on a growth trajectory, homing in on early adopters with plans to innovate, according to Justin O’Brien, the product lead for the platform.

“It has been quite steady growth,” O'Brien said. “This quarter has been quite great.”

The app launched in February 2018, allowing merchants to accept multiple cryptocurrencies as payment. 

Coinbase Commerce utilizes a different strategy and framework from other crypto payment services like BitPay or Flexa, O'Brien said. Specifically, it boasts an open system in which any firm with a cryptocurrency wallet can pay participating merchants whereas other providers accept crypto on behalf of customers and then pay merchants in fiat. 

“We have less transaction cost because it is truly peer-to-peer,” said O’Brien.

The firm has also recently begun supporting USDC payments. Support of USDC, Coinbase and Circle's stablecoin, could open the door to any other ERC-20 token going forward, although for now, it is limited to USDC.

“It is an exciting development,” said O’Brien. “It could help with the adoption of USDC and ER20 tokens.”

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Aislinn Keely joined The Block in the summer of 2019. She is a member of the outlet's policy team, holding down the legal beat. Before The Block, she lent her voice to the NPR affiliate WFUV, where she reported and anchored newscasts in addition to some podcast work. Aislinn is a proud Fordham Ram and editor-in-chief emerita of its newspaper. When she isn't writing or reporting, Aislinn is running and rock climbing.