Shopify customers can now pay in cryptocurrencies, thanks to a collaboration with Crypto.com.
Shopify is the newest company to adopt Crypto.com Pay. This is the crypto payment solution from the Singapore-based exchange. The service currently supports 20 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), and ApeCoin (APE), in addition to the company’s native token, Cronos (CRO).
As described in an official press release, the new partnership could help Shopify expand its business, attracting more merchants to its platform. In this sense, crypto adoption as a whole can benefit.
It is estimated that Shopify has more than 1 million registered stores around the world.
Crypto.com aims to further expand its customer base with the integration. To appeal to Shopify merchants, the exchange is offering a 0.5% fee waiver for each crypto payment for a month.
Crypto.com credit cards, made in partnership with Visa, offered cushy rewards when first introduced. But recently, they reeled these benefits back in, which caused their native token Cronos (CRO) drop in value. Many of its users took to social media platforms to vent their feeling about this.
Then, the Crypto.com platform suffered a hack attack that resulted in the loss of millions in cryptocurrencies.
The new expansion of crypto.com’s payments service to include Shopify customers might make up for the recent dramas.
Crypto.com is marching ahead with market dominance. It’s latest strategy for prospecting new customers has been its numerous sports sponsorship deals. Crypto.com recently became the official sponsor of the 2022 FIFA World Cup in Qatar.
Shopify and the Crypto World
This is not the first initiative into the crypto world by Shopify, a Canadian e-commerce company. It recently partnered with crypto payments platform Strike to integrate Bitcoin’s Lightning Network. This will allow US merchants to receive funds from sales much faster.
The company remains optimistic about the use of cryptocurrencies, even with the market being down. Their perspective is that 25% of the global population can access BTC through their platform.
Shopify even has a department focused on blockchain technologies, with its leader, John S. Lee, celebrating the new partnership with Crypto.com:
“We are happy to help Shopify merchants provide an additional quick and convenient way for customers to pay for their orders online. Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods in their storefronts, helping to further expand what is possible in commerce.”
However, not everything has been positive in its foray into crypto payments. Customers who had their Trezor and Ledger wallet data stolen through the Shopify platform were not notified of this for a week, despite Shopify being aware of the situation.