Shopify, a Canadian e-commerce company is the newest brand to accept cryptocurrency payments through Crypto.com.
Crypto.com is a Singapore-based exchange. In addition to its native token Cronos (CRO), the service presently supports 20 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, and ApeCoin.
This current deal may boost the growth of Shopify by attracting more merchants to its network. Crypto acceptance itself can benefit from this. Shopify is expected to have more than one million registered stores worldwide.
With the collaboration, Crypto.com hopes to grow its client base even more. To attract Shopify merchants, the platform is waiving a 0.5% charge on each cryptocurrency payment for one month.
Crypto.com credit cards in partnership with Visa
Crypto.com credit cards were established in collaboration with Visa and provided generous rewards when launched. However, they suddenly reversed these benefits, causing the value of its native token Cronos (CRO) to fall.
Crypto.com continues to dominate the market. Its most recent technique for attracting new clients has been its multiple sports sponsorship deals.
Shopify and the Crypto World
This is not Shopify’s first venture into the crypto realm. It recently teamed with cryptocurrency payments company Strike to incorporate Bitcoin’s Lightning Network. This will enable US retailers to get payments from purchases much faster.
Despite the market’s decline, the business remains positive about the usage of cryptocurrencies. 25% of the worldwide population may obtain bitcoin via their platform.
John S. Lee, head of the blockchain department of Shopify stated, “our expanding blockchain ecosystem underlines our dedication to providing businesses with various payment options in their storefronts, hence expanding the possibilities in commerce.”
