Crypto Payment Gateway, CoinPayments Partnered with Shopify & Facebook Shop

Crypto Payment Gateway, CoinPayments Partnered with Shopify

CoinPayments, the popular cryptocurrency payments processing firm has announced new partnerships with two of the biggest e-commerce companies in the world.

In addition to integrating a new check card payment method, payment installments and subscriptions, Shopify now allows crypto as a payment method via CoinPayments. 

Shopify, the electronic e-commerce giant also announced a partnership with social media giant, Facebook. Yesterday, FB announced the integration of Facebook Shop. With the new features, Facebook business page owners convert them into e-commerce shops. 

E-commerce giants & cryptocurrencies

Both Facebook and Shopify have embrace cryptocurrencies as valuable digital assets. Integrating crypto into their businesses will further promote cryptoassets and help facilitate adoption. 

As one of the leading e-commerce solution, Shopify commands 20% market share in the e-commerce platform space. It ranks second to WordPress’s WooCommerce, which enjoys 26% of the market’s shares.

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CoinPayments named one of the top bitcoin and crypto payment gateways of 2020, competes with Coinbase payments for market shares. Shopify experienced its best revenue growth in 2019.

Shopify record-breaking year

The firm grew 47%, which resulted in $1.578 billion in revenue. The company’s stock (NYSE: SHOP) soared to an all-time high of 187%. At press time, Shopify Inc is trading at 778.00 USD +24.50 (3.25%). 

Tobi Lütke, Shopify’s CEO said following the release of 2019’s financial data:

“2019 was a milestone year for us. We’ve earned the trust of more than one million merchants, and we are motivated more than ever to keep lowering the learning curve so anyone, anywhere can become an entrepreneur.”

Shopify, CoinPayments and Facebook partnerships

Shopify’s testing of CoinPayments integration began in 2019. If activated, shoppers have the option to pay with crypto via CoinPayments’ payment gateway. Currently, payments can be made with Bitcoin, XRP, Dash, Litecoin, Ether, and Tron. 

The press release says:

“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.”

CoinPayments will also benefit from Shopify’s partnership with Facebook Shop. The Canadian-based e-commerce platform will power the new Facebook Shops features.

Shopify’s announcement states:

“Merchants will be able to automatically connect their Shopify business to Facebook in one place, while making their customers’ shopping experience feel native to each individual app.”

FB Shop will slowly roll out additional features throughout 2020. There are yet information that indicates Facebook Shop will accept cryptocurrency as payments option. 

 

 

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