Coinbase's Merchant App Hits $50 Million in Volume Since 2018 Launch

Announced today, Coinbase Commerce - the exchange unicorn's app for online retailers - has exceeded $50 million in transactions since launching in February 2018.

"Volumes really started picking up in Q2 ," Justin O'Brien, the product lead for Coinbase Commerce, told CoinDesk in a phone call.

Coinbase Commerce allows merchants to easily accept crypto and is built to integrate with existing payment flows.

Coinbase Commerce is now also integrated with Magento, OpenCart, PrestaShop and WooCommerce.

To use Coinbase Commerce, merchants need to set up an account and create a non-custodial wallet for receiving cryptocurrency.

While Coinbase Commerce has built an experimental point-of-sale feature, this has really been a product operating in the e-commerce realm.

"We have a grocery store in Madagascar that's accepting cryptocurrency with Coinbase Commerce."

Payments received via Coinbase Commerce go to the wallet and remain as crypto.

At launch, the service worked with BTC, BCH, LTC and ETH. On Monday, USDC - the stablecoin created by Circle and supported by Coinbase - was added to the mix.

In integrating USDC, Coinbase took advantage of a new feature of Ethereum's Constantinople upgrade called CREATE2.