Coinbase Commerce, the exchange operator's payment service for merchants, will now let users convert cryptocurrencies to fiat currencies and stablecoin from within the platform.
Previously, merchants had to move their crypto payments to Coinbase's exchange platform for conversions. Now they can do them without having to leave the Commerce platform, Coinbase announced in a blog post shared with The Block on Monday.
Merchants can directly connect their Coinbase.com accounts with Coinbase Commerce and convert their crypto payments into U.S. dollars (USD), euros (EUR), British pounds (GBP), and USD Coin (USDC) stablecoin. Coinbase said it would charge a 1% fee for conversions.
Integrations that will also allow merchants with Coinbase Commerce accounts to use Coinbase Pro and Coinbase Prime for conversions and withdrawals are coming "soon," according to exchange operator.
Coinbase Commerce currently supports bitcoin (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), DAI, and USDC for payments. The platform is used by more than 8,000 merchants, according to its website.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.