CryptoCom has announced that it will allow Shopify merchants to use the CryptoCom Pay service on its online storefronts. The service will be available to merchants who want to expand their services’ scope to support cryptocurrency assets.
According to CryptoCom, this feature will enable the company to expand its services and facilitate extra ways that customers can buy goods and services using cryptocurrencies. This will broaden Shopify’s reach in the digital space.
CryptoCom Pay will be available for Shopify merchants
Shopify merchants that want to be part of this service have to register on the CryptoCom Pay platform. The platform announced that it would waive the 0.5% settlement fee imposed on all transactions for the first month they integrate the service.
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Stores that want to receive the waiver offer will be given up to June 30 to register for the feature. Currently, CryptoCom Pay supports a wide range of cryptocurrencies such as Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), Cronos (CRO), Shiba Inu (SHIB) and ApeCoin (APE).
The co-founder and Chief Executive Officer of CryptoCom, Kris Marszalek, said that this move would allow more customers and merchants to access commerce services by using cryptocurrencies. It said that making cryptocurrencies readily available was a priority for the company.
“We’re happy to welcome Crypto.com to help Shopify merchants provide an additional fast and convenient way for customers to pay for their online orders. Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods on their storefronts, helping to further expand what’s possible in commerce,” said John S. Lee, the Lead of Blockchain Ecosystem at Shopify.
Shopify’s move into crypto
Over the past year, there has been a rise in traditional companies moving into the crypto space. Shopify has been among these companies, and the e-commerce giant has recently announced a partnership with the Strike digital payments platform.
The move plans to allow merchants in the United States to receive faster and cheaper Bitcoin payments through the Lightning Network. An earlier report had said that the focus of the eCommerce giant was to access the space that had not been previously explored. It will also boost the company’s purchasing power by enabling merchants to generate savings through low-cost payment processing.
In an earlier announcement, Shopify had said that merchants will trade non-fungible tokens (NFTs) on the platform through a partnership with GigLabs. Earlier this year, the founder of Shopify, Tobias “Tobi” Lutke, announced he would be a Coinbase Board of Directors member.
In April, Shopify faced a class-action lawsuit following a critical data breach two years ago. The lawsuit also involved Ledger and TaskUs that were accused of being aware of the exploitation of the Ledger database for over a week before informing customers.
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