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Coinbase Commerce Integrates Dai Cryptocurrency for Merchant Payments

Coinbase’s merchant payments arm has added support for the dai stablecoin, bringing together online retail and decentralized finance (DeFi).

MakerDAO announced Thursday Coinbase Commerce had integrated dai as a payment method, opening the cryptocurrency up to affiliated online merchants and online commerce platforms like Shopify and WooCommerce.

The integration will introduce “merchants to a growing segment of the cryptocurrency market, allowing them to bridge the gap between DeFi dapp entrepreneurs and their own “real world” businesses,” according to the blog post.

Coinbase Commerce is a free-to-use service for online retailers, allowing them to integrate cryptocurrency into their businesses. Starting out with bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC), the platform has only added support for USDC – the stablecoin created by Circle and Coinbase as part of the CENTRE consortium – since its February 2018 launch.

CoinDesk has approached Coinbase for comment and will update this article if we hear back.

With the new integration, merchants will also be able to earn interest on any received dai by transferring it into a Dai Savings Rate (DSR) smart contract on the maker protocol. The DSR interest rate was raised to 7.5 percent by community vote earlier in February.

MakerDAO says the integration will boost perceptions of dai and, potentially, bring increased adoption.

Currently, 435,000 ether (worth roughly US $117.4 million) have been locked up in dai “vaults,” down more than 75 percent since its all-time high in November, according to statistics site MKR Tools. Maker’s vaults create dai as users commit collateral assets into them.

The Coinbase Commerce integration means dai could be potentially accepted at the roughly four million online merchants that use the payments service. Coinbase said it had exceeded more than $135 million in merchant transactions in 2019, a 600 percent increase since 2018.

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Coinbase

Kyber Network (KNC) Coming to Coinbase Pro: What Might Be Added Next?

This week, San Francisco-based cryptocurrency exchange giant Coinbase announced that KNC, the native asset of the Kyber Network liquidity aggregator project, would be supported on its advanced trading platform, Coinbase Pro, starting on February 24th.

The news immediately sent a wave of excitement through the Kyber community, as Coinbase is one of the largest and most reputable crypto brands in the world and can thus further legitimize and help introduce the DeFi liquidity provider to new audiences.

“The Kyber protocol aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application,” Coinbase explained.

The exchange has stayed mum for now on if or when KNC will be listed on Coinbase.com and its retail-facing mobile apps, but considering the trajectories the company has taken with other tokens in recent months, it seems likely that such support is indeed on the horizon.

Now the question on many cryptoeconomy stakeholders’ minds is which projects might enjoy the fabled “Coinbase Bump” next?

What We Know

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Here, it’s worth noting that Coinbase’s various arms will always undoubtedly be disparate in their crypto offerings. For instance, Coinbase Custody, the exchange’s enterprise unit, will likely support a wider array of tokens than Coinbase.com in perpetuity.

Even still, the exchange has openly revealed the projects it has generally considered for listing on several occasions, and the tokens that Coinbase lists on one arm, like Coinbase Pro, can signal the interest it has in doing so on another, like Coinbase.com.

Tokens of Interest

Coinbase has made good on listing more than a handful of the tokens it has publicly admitted to being interested in. Though there are plenty of other projects that may still be on the slate.

Back in the fall of 2018, the U.S. exchange made waves when it revealed it was considering adding support for 31 new cryptocurrencies.

Some of those projects have since hit the exchange’s books, including XRP, EOS, Tezos (XTZ), Stellar (XLM), Augur (REP), Chainlink (LINK), and the Dai stablecoin.

However, other notable projects from that lot that Coinbase could still be considering to further support in the foreseeable include the following:

  • Cardano (ADA)
  • Enjin (ENJ)
  • Golem Network (GNT)
  • Decentraland (MANA)
  • Maker (MKR)
  • Status (SNT)

One year later, Coinbase confirmed it was considering adding further support for another batch of tokens, this time around being Algorand, Cosmos, Dash, Decred, Ontology, Waves, and two Binance Launchpad projects in Harmony and the Matic Network.

“Over time we expect our customers around the world will have access through Coinbase to at least 90% of the aggregate market cap of all digital assets in circulation,” the exchange said in a blog post at the time.

Since then, the exchange has added Cosmos’s native ATOM token to both Coinbase Pro and Coinbase.com. Furthermore, in October 2019 the company also revealed that Coinbase Custody planned to support the Orchid (OXT), Solana (SOL), and Telegram Open Network (GRM) projects.

Orchid was listed across all Coinbase’s arms in December 2019, suggesting the same trajectory might be in store for SOL and GRM.

Coinbase Now a Principal Member of Visa

In other Coinbase news, the exchange announced on February 19th that Visa had approved the unicorn startup as a principal member, making it the first crypto-native company to have earned such approval from the traditional payments powerhouse.

“Visa membership will enable us to further improve the customer experience, making it easier to spend cryptocurrency in everyday situations,” noted Coinbase, which launched their Coinbase Card debit card offering in 2019.

Thus as Coinbase continues to expand its token offerings, Coinbase Card users should find it increasingly easy to spend a variety of cryptocurrencies  in mainstream contexts.

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Coinbase Become Principal Members Of Visa

  • As one of the main members of Visa, the Coinbase perform will now be allowed to issue its debit cards without relying on third-parties.
  • It was announced earlier this week that the membership will be happening between the two companies.

As one of the main members of Visa, the Coinbase perform will now be allowed to issue its debit cards without relying on third-parties.

It was announced earlier this week that the membership will be happening between the two companies. This is a continuation of the current relationship that the two companies have with providing a Visa based debit card called Coinbase Card. This gives customers the ability to reside in the European Union or European community where they can spend their digital assets.

Even though the card itself is able to work on an international scale, it cannot be ordered by people who reside outside of the aforementioned regions. The platform reported that the card is seeing the most usage in the United Kingdom. This is swiftly followed by Italy, Spain and then France.

With this new integration with the payments firm, Coinbase is hoping that it will be able to provide further services and support more markets over time. The company is confident that it is the first “pure-play crypto company” to become a principal member.

The current design of the card was launched in 2019 in the United Kingdom however, Coinbase have previously supported the shift crypto card which drew funds from user’s exchange balance. This is a service that was launched five years ago in 2015.

With this new integration with the payments firm, Coinbase is hoping that it will be able to provide further services and support more markets over time. The company is confident that it is the first “pure-play crypto company” to become a principal member.

The current design of the card was launched in 2019 in the United Kingdom however, Coinbase have previously supported the shift crypto card which drew funds from user’s exchange balance. This is a service that was launched five years ago in 2015.

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Coinbase Becomes a Visa Principal Member

Coinbase is a very big company in the cryptocurrency space. The team now seeks to expand its presence by issuing a native debit card.

It is a well-known fact that Coinbase has plans to expand upon its existing debit card.

A BIG STEP FORWARD FOR COINBASE

Its collaboration with Paysafe has been going on for quite some time now.

However, the company needs regulatory approval by official instances.

That approval is now seemingly been granted, at least as far as Visa is concerned.

They have made Coinbase a Visa Principal Member, giving them the option to issue a debit card without Paysafe’s help. 

More specifically, it will be best to keep collaborating for the foreseeable future.

However, it will give the crypto firm more space to operate in regardless. 

Coinbase is the first official cryptocurrency company to achieve this level of certification.

It is unclear if this will replace the existing payment card issued by the company in the UK and dozens of other European countries.

Given Coinbase’s habit of charging high fees for basic services, it remains to be seen how this situation evolves.

Making cryptocurrencies more useful in real life will always be a challenge.

So far, debit cards have been a great help, albeit they are not a perfect solution.

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