Coinbase, the largest US-based crypto exchange, has announced the incorporation of seven different digital assets, including the two largest meme tokens, Shiba Inu (SHIB) and Dogecoin (DOGE), into its Commerce platform as payment options.
Coinbase noted:
“We’re announcing two big updates to our Commerce platform: instant, free payments from Coinbase users to Commerce merchants, and seven new cryptocurrencies that can be used for payments through Commerce.”
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According to the exchange, these new digital assets were added due to the pressure from customers that were calling for the addition of selected crypto assets as payment methods. The exchange believes the new additions will enhance the experience of merchants (both sellers and payers) on its Commerce platform.
Coinbase wrote, “We now support BTC, ETH, USDC, BCH, LTC, DOGE, DAI, USDT, APE, and SHIB. Merchants can easily manage which cryptocurrencies they want to accept, turn off the ones they don’t, and choose to hold or auto-convert any cryptocurrency balance to USD.”
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The exchange stated that it’s on the course to remove friction and increase flexibility within the crypto payment process on both sides of the ecosystem, believing that it will fast-track the mainstream adoption of its brand.
The report added that only Coinbase-managed accounts are eligible for auto-conversion.
The following are the settled limit for auto-conversions, as applied to each digital currency on the list.
- $1M — BTC, ETH, USDC, DAI
- $500k — LTC, SHIB, USDT
- $250k — APE, BCH, DOGE
Coinbase Commerce’s move comes shortly after Shiba Inu (SHIB) and Dogecoin (DOGE) were removed from the Crypto Earn rewards program of Crypto.com exchange, along with various other digital currencies.
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