CryptoCom will expand its merchant reach as a result of the integration, while Shopify merchants will get access to a new group of customers who choose to pay in crypto-assets.
CryptoCom has announced that Shopify merchants will be able to use their payment solution, CryptoCom Pay, on their websites.
The crypto trading platform noted in an official blog post that the recent move should help the e-commerce giant expand its reach by allowing users to purchase crypto in various ways.
To encourage Shopify merchants to sign up for CryptoCom Pay, the crypto platform has announced that the 0.5 percent settlement fee on all transactions would be waived for the first month following integration. This promotion will be available in stores through June 30th. Customers can currently do so in over 20 different tokens, including Bitcoin, Ethereum, Cronos, Shiba Inu, Dogecoin, and ApeCoin.
Kris Marszalek, Co-founder and Chief Executive Officer of CryptoCom, commented on the development, saying that enabling more customers and merchants across the globe the chance to engage in commerce using crypto is a high focus 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,” stated the lead of Blockchain Ecosystem as Shopify, John S. Lee.
The Ottawa-based e-commerce behemoth recently collaborated with digital payments platform Strike to enable merchants in the United States to process Bitcoin payments via the Lightning Network at a faster and lower cost. Shopify’s focus, as previously stated, is on tapping into hitherto untapped segments and purchasing power while allowing its merchants to save money through low-cost payment processing.
After working with GigLabs, Shopify previously announced that its merchants would be able to exchange NFTs on its platform. Tobias “Tobi” Lütke, the company’s creator, joined Coinbase’s Board of Directors earlier this year.