The Canadian e-commerce platform Shopify has signed a cooperation agreement with CoinPayments, the leading provider of crypto-currency payments. The cooperation enables Shopify traders to be paid in crypto-currencies.
Shopify is an e-commerce software package distributed by the Canadian company of the same name. It enables small and medium-sized merchants to create their own online stores and use tools to set up marketing, shipping and payment options. Shopify now serves more than one million businesses in over 175 countries worldwide.
Adaptation of crypto-currencies increases
The partnership between the Ottawa-based e-commerce platform and CoinPayments, enables Shopify merchants to use crypto-currencies to make payments. The cooperation is the result of a successful beta test run that began last year. The new payment option offers merchants more flexible processing solutions and increases the potential use of crypto-currencies as a means of payment.
CoinPayments provides merchants with quick and easy ways to make transactions in crypto-currencies. The company is the largest processor of crypto-currency payments, with a total transaction volume of more than $5 billion. The provider supports more than 1,900 coins and is the preferred payment option for crypto-interested merchants and e-commerce platform providers worldwide. The company was founded in 2013 and has its headquarters in the Cayman Islands.
Cooperation closely follows accession to the Libra Foundation
The partnership between the two companies enables a visible cryptographic currency payment option for merchants on the Shopify platform. The feature will allow merchants to offer the platform to enable fast, cross-border payments for their customers and eliminate the difficulties that can arise when working with multiple payment processors. Shopify's decision to introduce crypto-currencies came shortly after joining Facebook's Libra Foundation in February.
