Coinbase Commerce now allows merchants to convert crypto to fiat from within the platform

Exchanges • October 12, 2020, 1:01PM EDT
UPDATED: October 12, 2020, 10:33AM EDT
Michael Short/Bloomberg via Getty Images

Coinbase Commerce, the exchange operator's payment service for merchants, will now let users convert cryptocurrencies to fiat currencies and stablecoin from within the platform.

Previously, merchants had to move their crypto payments to Coinbase's exchange platform for conversions. Now they can do them without having to leave the Commerce platform, Coinbase announced in a blog post shared with The Block on Monday.

Merchants can directly connect their Coinbase.com accounts with Coinbase Commerce and convert their crypto payments into U.S. dollars (USD), euros (EUR), British pounds (GBP), and USD Coin (USDC) stablecoin. Coinbase said it would charge a 1% fee for conversions.

Integrations that will also allow merchants with Coinbase Commerce accounts to use Coinbase Pro and Coinbase Prime for conversions and withdrawals are coming "soon," according to exchange operator.

Coinbase Commerce currently supports bitcoin (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), DAI, and USDC for payments. The platform is used by more than 8,000 merchants, according to its website.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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