Top memecoin, Shiba Inu, with six other cryptocurrencies, can now be used to pay for goods and services through Coinbase Commerce. The popular crypto exchange platform made this update, Coinbase, on Tuesday.
According to a blog post, the cryptocurrency company stated that the platform now allows retailers to enjoy instant payment with no fees. Therefore, Coinbase merchants can be paid swiftly and efficiently, promoting easy payments between merchants and buyers.
The development comes after the exchange received feedback from its consumers saying that processing fees were the top reason they chose not to pay in cryptocurrency.
In addition, price volatility was one of the most prominent disadvantages for retailers looking to accept crypto. As a result, Coinbase introduced instant payments with no fees to avoid price volatility and high fees to overcome the difficulties of consumers and merchants.
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The official blog post also states that the instant crypto payment and auto conversion to fiat currency option will help the Coinbase merchants ensure they receive the right amount from the payer.
Excerpts from the blog post read:
“One of the biggest drawbacks for merchants looking to accept cryptocurrency is price volatility. However, instant transactions (10 minutes or less) along with auto conversions to fiat currency can help to ensure that you are receiving the right amount from the payer.”
Dogecoin, Apecoin, 4 Others Join Shiba Inu on Coinbase Commerce
Coinbase has also added support for seven new crypto assets on the Commerce platform. The list of new cryptocurrencies includes Shiba Inu (SHIB), Dogecoin (DOGE), Apecoin (APE), Dai (DAI), USD Coin (USDC), Bitcoin Cash (BCH), and Litecoin (LTC).
With these new additions, the Coinbase Commerce platform now supports a total of 10 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Read more: Users Can Buy Apple Products Using Bitcoin and Shiba Inu Via BitPay