Shopify Adds Cryptocurrency Payments

According to the press release of May 20,2020, a large Canadian e-commerce platform Shopify has partnered with a cryptocurrency payment service CoinPayments. As a result of this partnership, Shopify merchants now have an opportunity to accept payments in 1800 cryptocurrencies.

It is also reported that the partnership is a result of a successful beta test that Shopify and CoinPayments launched in 2019. An alliance between the two companies will help Shopify merchants not only make quick cross-border payments, but also eliminate the need to work with several payment services in different jurisdictions around the world.

There is speculation that Shopify’s decision to introduce cryptocurrency support was made after the platform joined the Libra Facebook Association earlier this year. According to a survey conducted by HSB earlier this year, about 36% of US small businesses accept payments in cryptocurrencies.

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