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Digital Currency Revolution Series: CoinPayments Partners With Shopify For E-Commerce
Of late, E-commerce companies, digital payment system and blockchain technology are complimenting each other in their business functionalities. There have been plenty of M&As between blockchain, digital wallet and ecommerce-oriented companies.
Here’s the latest one, the leading e-commerce platform, ‘Shopify’ which is Ottawa headquartered, has integrated tech from CoinPayments, a payments processor, to bring crypto to online merchants.
The strategic collaboration will equip all Shopify merchants with CoinPayments' crypto payment mechanism as both sides focus to promote extensive adoption of payments in digital currencies, as per the announcement. The online giant has also established a new partnership deal with Facebook to assist their business owners generate Facebook Shops.
"The combination of Shopify and CoinPayments is unstoppable in the payments industry," said CoinPayments CEO Jason Butcher. "By bringing our easy-to-use global crypto payments platform together with Shopify's extensive merchant base, we look forward to delivering a seamless process for anyone looking to do business using cryptocurrencies. As leaders in ecommerce and crypto payments, our combined expertise reflects the future of business transactions."
We come across this development upon successful beta trial that began in 2019. As per the terms of the partnership deal, CoinPayments will now be a visible payment option for merchants on the Shopify platform and will make cryptocurrency transactions easier and more accessible while reducing transaction fees. Vendors will now get paid faster in any of the 1,800 cryptocurrencies supported by CoinPayments while gaining access to untapped markets globally. This partnership further enables cross-border payments, allowing merchants to eliminate the hassle of working with multiple payment processors across different jurisdictions.