At Coinbase, our mission is to create an open financial system for the world. One of the ways we will achieve this is by helping connect as many participants in the cryptoeconomy as possible.
Connecting the cryptoeconomy will enable our customers to do more with their crypto, whether it be , , , or . With , we’re building the most trusted and secure way for merchants anywhere in the world to accept cryptocurrency payments, and in turn enabling more ways for customers to spend their crypto.
Starting today, all Coinbase Commerce customers can easily connect their Coinbase.com accounts to sell their crypto for a more stable store of value. Many customers have been requesting a faster way to convert their crypto payments, and until today, Commerce merchants needed to transfer their crypto to an exchange prior to selling their crypto for cash or stablecoins. Now merchants can easily convert their crypto payments into USD, EUR, GBP, or USD Coin (our US Dollar-backed stablecoin) without leaving the Commerce product.
Getting started is simple. First, merchants can connect their Coinbase.com accounts to their Commerce accounts. For merchants who predominantly use Coinbase Prime or Coinbase Pro accounts, those connections are coming soon.
Second, when merchants are ready to withdraw their crypto, they’ll be able to choose their settlement currency and convert their funds for a 1% fee. The proceeds will arrive in their accounts shortly thereafter.
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