Shopify Seals Partnership Deal with Coinbase and Stripe in Stablecoin Push
Quick take:
- The plan is to first introduce USDC payments to a group of users by late June.
- Shopify will then gradually expand the stablecoin payment services to merchants in the U.S. and Europe, before a global rollout.
- Coinbase helped Shopify develop a payment protocol for handling chargebacks, refunds and other intricacies, while Stripe helped integrate stablecoins into the e-commerce company’s software stack.
Shopify, Inc. (NASDAQ: SHOP) has announced a partnership with Coinbase Global, Inc. (NASDAQ: COIN) and Stripe to roll out stablecoin payments to all users on its platform. According to the announcement on Thursday, the e-commerce giant plans to roll out the service to some merchants by late June.
The company will then gradually expand the stablecoin payment services to merchants in the U.S. and Europe, before a global rollout.
According to the announcement Coinbase helped Shopify develop a payments protocol for handling chargebacks, refunds and other intricacies, while Stripe helped integrate stablecoins into the e-commerce company’s software stack.
The partnership enables shoppers to pay with USDC on Coinbase’s Base blockchain using a crypto wallet of their choice, while Stripe, by default, allows merchants to receive stablecoin payments in their preferred local currency. Merchants can transfer funds as USDC directly to an external wallet, should they choose to, Stripe wrote in a press release.
“Stripe has long handled the hard parts of payments so our merchants don’t have to,” said Kaz Nejatian, COO & VP of Product at Shopify. “Now they’re doing the same for stablecoins—making it simple for our merchants to meet booming global demand without wrestling with crypto infrastructure.”
Neetika Bansal, head of Money Movement and Crypto at Stripe commented: “We’re excited to work with Shopify to bring the benefits of stablecoins to a massive number of businesses at once. Now those businesses can reach more markets at lower costs—all without having to change how they already run their business.”
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