Coinbase, a San Francisco-based digital currency exchange provider, has introduced a new tool to enable merchants to accept payments directly in cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
The new tool, dubbed Coinbase Commerce, can be directly integrated into a merchant’s checkout system or incorporated as a payment option on an e-commerce platform.
The funds will be directly deposited into the merchant’s wallet. To sign up to the service, merchants require an email address and a phone number.
Canadian commerce platform Shopify is the first firm to use the new tool. Integrations with more merchants are expected in the coming days.
“Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide. Unlike previous merchant products we’ve offered, Coinbase Commerce is not a hosted service, so merchants have full control of their own digital currency,” the company stated.