Coinbase Commerce, the merchant arm of the San Francisco-based cryptocurrency exchange, has added the invoicing feature that allows users to create and send crypto invoices for customers to view and pay online.
Coinbase Commerce helps merchants set up their business in minutes, equipped with hosted checkout pages, payment buttons, invoicing and multiple eCommerce integrations.
Crypto invoicing makes it easy to invoice and pay in multiple cryptocurrencies and auto-generates a wallet address for them in order to track the payment transaction.
Earlier this year, Coinbase Commerce revealed that it has achieved the double milestone of $200 million in transactions as well as has crossed 8,000 integrated retailers.
Commerce product lead, John Zettler said that activity in its retailers’ network was not impacted by the chaos triggered by the novel coronavirus. Additionally, he confirmed that Bitcoin remains the most preferred coin within the service that allows merchants to accept multiple cryptocurrencies directly into a user-controlled wallet.
USDC Strengthens Its Dominance
A few years after it arrived on the scene amidst claims it would take on fiat currencies and revolutionize payments, Zettler said stablecoins are also taking a bigger market share. He added that stablecoins, particularly its own dollar-pegged USDC, offer regular sellers a low-friction avenue to add cryptocurrency payments to their checkout and e-commerce business. So, the metrics and growth prospects stand to further its position in both crypto and traditional markets by bridging the worlds.
Coinbase has been trying to increase the adoption of the US dollar-pegged stablecoin that popped up somewhere in the middle of 2018. Moreover, the US fintech unicorn has boosted USDC dominance by making it the only way to convert fiat to crypto without fees on its institutional platform, Coinbase Pro.
Coinbase’s own USDC coin in circulation hit more $3 billion and is currently the world’s second-largest stablecoin and ranks 13th among all cryptocurrencies. The dollar-backed token was created by both Coinbase and Goldman-funded startup Circle.