Shopify has partnered with cryptocurrency payments processor CoinPayments to expand the crypto payment choices to Shopify merchants. CoinPayments will now be a visible payment option for merchants on the platform.
Cryptocurrency payments are on the list of “alternative payment methods” and the list is comprised of Coinbase Commerce, BitPay, GoCoin, and now CoinPayments. Through the latter, vendors can get paid in any of the 1,800 cryptocurrencies supported by the processor as they gain access to untapped markets globally. This follows a successful beta trial that started in 2019. CoinPayments has plugin integration with Drupal, Magento, Woocommerce, Zen Cart, Shopify, and other shopping-cart checkouts.
Jason Butcher, CEO of CoinPayments, commented: “The combination of Shopify and CoinPayments is unstoppable in the payments industry. 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 e-commerce and crypto payments, our combined expertise reflects the future of business transactions.”
The cloud wallet solution offers an easy way to integrate a checkout system for numerous cryptocurrencies. It was founded in 2013 by Alex Alexandrov, who developed the platform to provide merchants with fast, secure, and reliable online services. Merchants can integrate through the host of API’s and shopping cart plugins. Brick-and-mortar operations may use the Point-Of-Sale terminal application. Additional services include escrow services, ICO hosting, self-directed portfolio generators, invoice builders, payroll features, community engagement campaigns, FIAT Settlement and charity tools.
In 2017, CoinPayments experienced a software bug that allowed select users to withdraw Ripple tokens from their platform in excess of the amount held in their account[. This resulted in a loss of over 21 million Ripple tokens valued at $6,300,000 USD at that time. The firm was able to pay back the affected users and made a series of deposits to pay back the stolen funds.