DAI Added As Supported Payment Option For Online Retailers On Coinbase Commerce

By Chris Torres | February 17, 2020

Coinbase Commerce – the online retailers-focused subsidiary of the crypto exchange giant that focused in crypto payments – has reportedly listed MakerDAO’s DAI stablecoin as a new payment option. 

Specifically, the new development will make the USD-pegged stablecoin an official payment method for goods and services, which can be used by merchants across the globe, that comes with zero additional fee. 

A “pay with crypto” button is available for merchants when they check out their items, or can they can now choose to pay with DAI only. A 7.5% saving rates for the DAI stablecoin is also available for shop owners. 

The development will enable access to more than 800,000 stores and 3 million online shops on Shopify and WooCommerce, along with for any individual finding a solution to make decentralized stablecoins an accepted means of payment. 

Doors to a rapidly developing sector of the crypto markets will also be opened for merchants, closing the space between DeFi app developers and their own businesses. 

DeFi (decentralized finance) is a well-known movement, initiated by  cryptocurrency and blockchain technologies, bringing conventional financial services to the crypto industry.

“DeFi is a new generation of products that are entirely transparent, where users can see exact cash flows while achieving greater levels of trust and security that can be audited in real time. DeFi also incorporates the global nature of blockchain and its advantages, making these more efficient systems with lower fees and higher yields.” Rune Christensen, head of the MakerDAO Foundation, shared. 

Tags: , ,