Coinbase Commerce, the e-commerce arm of the United States-based crypto exchange, has added support for Dogecoin payments. This move will further help establish the real-world utilizations of this meme coin.
According to a Twitter announcement, Dogecoin became the seventh cryptocurrency for merchants to accept payments on Coinbase’s e-commerce portal. Dogecoin has considerably low transfer fees than the major digital coins. The platform supports Bitcoin (BTC), Bitcoin Cash(BCH), Ether [ETH], Litecoin (LTC), and USD Coin (USDC) at the moment.
Coinbase Commerce customers can convert crypto payments to USDC, U.S. Dollars, Euros, or British Pounds without having to leave the e-commerce portal. A blog post from October 2020 stated that the same integration will soon be available for Coinbase Prime or Pro accounts.
At the 14-minute bidding battle, which was marked by the auction house as the first time cryptocurrency was accepted as a payment option for a piece of physical artwork, bidders could pay using Bitcoin or Ether through the partnership with Coinbase Commerce. Sotheby was able to sell Banksy’s artwork for $12.9million, although the auction house did not comment on whether the final payment was made using crypto.
In March 2020, nearly two years after its inception, Coinbase Commerce surpassed $200 million in total transactions processed, with 8,000 retailers using Coinbase for payment services.