With the Crypto.com agreement, Shopify expands its cryptocurrency payment options.
Merchants that use the e-commerce platform Shopify (SHOP) may now accept bitcoin payments through Crypto.com. According to a statement, sellers that use the Crypto.com Pay function can allow clients to settle their accounts with more than 20 tokens. Strike, the payments network led by Jack Mallers launched Bitcoin Lightning payment integration with Shopify in April. According to Shopify’s website, merchants may also take cryptocurrency using Coinbase Commerce and BitPay. “Our expanding blockchain ecosystem highlights our dedication to assisting merchants with alternative payment options on their storefronts, therefore helping to further extend what’s possible in commerce,” said John Lee, Shopify’s lead of blockchain ecosystem. As an added advantage, Shopify businesses that use Crypto.com Pay will not have to pay any settlement costs for one month. As of 15:28 UTC, shares of Ottawa-based Shopify were up more than 11% on the NYSE.
Shopify President Harley Finkelstein said on Monday earlier that merchants on his platform may now sell non-fungible tokens (NFT) directly to customers.
Finkelstein emphasized in his announcement tweets that prior to Shopify’s decision, its merchants would have to sell NFTs through a third-party marketplace, requiring them to give up control of the transaction and the client connection. The National Basketball Association’s Chicago Bulls, who released an NFT “Legacy Collection” containing the franchise’s six world championship rings on Monday, will be among the first Shopify merchants to offer NFTs.
Over 1.7 million businesses worldwide use Shopify to run their e-commerce platforms. As a result of the company’s choice, NFTs may see considerably wider use.