Crypto.com enables Shopify merchants to accept crypto payments
Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.
The integration aims to make things easier for Shopify’s almost two million merchants to expand their reach by making their products more accessible for customers who pay with crypto. Crypto.com Pay also offers an alternative to traditional card networks such as Visa and MasterCard.
With more than 200 million crypto users globally, this alliance represents a massive market potential for online merchants seeking to attract crypto users to their websites. Crypto.com Pay features zero transaction fees and only 0.5% for settlements— while integration only takes minutes for merchants to complete.
Shopify merchants now can accept CRO, along with BTC, LTC, ETH, DOGE, and 20+ coins through Crypto.com Pay. To celebrate the integration, Crypto.com will waive the 0.5% settlement fee on all transactions for one month. To provide further business incentive for Crypto.com Pay merchants, it offers customers crypto-cashback Pay Rewards when they check out with the Cronos token (CRO), which can be up to 10% during the promotion periods.
Shopify, the world’s 18th largest e-commerce company, has a market share of 31% percent among all US websites that are using ecommerce technologies. With more than $4.6 billion in annual revenue, the Ottawa-based firm enables merchants to set up an online store in 175 different countries.
Crypto.com stands out as a one-stop-shop
Commenting on the news, Kris Marszalek, Co-founder and CEO of Crypto.com said: “Providing more customers and merchants the ability to engage in commerce using cryptocurrencies is a priority for Crypto.com. We are incredibly excited to integrate into Shopify, and to bring this capability to even more customers and merchants around the world.”
“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,” added John S. Lee, Lead of Blockchain Ecosystem at Shopify.
Crypto.com regularly ranks in the top five global exchanges by spot volume and claims its matching engine supports 2.7 million transactions per second with 50 microsecond core latency. Additionally, seamless USD transfers are available via integrations with Silvergate and Circle.
The digital asset exchange, which claims over 10 million users worldwide, has had a very busy year snatching up sports sponsorships left and right. They have inked deals with European soccer giant Paris Saint-Germain, the Ultimate Fighting Championship (UFC), Formula 1 racing, Italy’s Lega Serie A, and the IIHF Hockey World Championship, amongst others.