According to a recent report from CoinDesk, Coinbase Commerce, the crypto startup’s application for merchants and online retailers, has recently surpassed $50 million in processed transactions. Speaking to the outlet, the facet of Coinbase has seen volume pick up through Q2 of this year, which coincidences with the bullish price action. Coinbase Commerce has already been integrated into online e-commerce giants like Shopify, WooCommerce, and others, which has helped to boost the adoption of the application.
While Coinbase Commerce has done well, BitPay has arguably done even better. The Coinbase competitor processed over $1 billion in transactions in fiscal 2018, as we reported previously. And it’s chief executive, Stephen Pair, wants this sum to grow to $10 billion and $100 billion in the years to come as a sign of the growing influence of cryptocurrencies on a global scale.
Crypto Sees Adoption
This recent milestone achievement comes as some large players in the corporate world have begun to accept cryptocurrency as a payments option.
Announced Thursday, AT&T, a Texas-based American technology giant valued at $234 billion, will be accepting Bitcoin payments for its services through the Atlanta-headquartered BitPay. Per a press release, AT&T is now the first “major U.S. mobile carrier” to provide its millions of customers with the ability to purchase services for cryptocurrency. Speaking on the matter, Kevin McDorman, vice president of AT&T Communications’ Finance Business Operations unit drawled:
“We’re always looking for ways to improve and expand our services… We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”
As this news broke, many in the crypto community saw this as validation of the return of the Bitcoin bull. Because why would a massive company accept an asset that is “dying” is “already dead”, right?
What’s more, Tor, the de-facto go-to privacy- and anonymity-centric browser provider, unveiled a donation jar that accepts crypto assets earlier this year. Tor’s website now accepts payments in nine leading cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, Monero, ZCash, and Augur. And even more recently, Flexa, a little-known startup looking to make “cryptocurrency spendable everywhere”, will be making Bitcoin, Bitcoin Cash, Ethereum, and Gemini’s in-house stablecoin available to spend in 30,476 retail outlets. Chains accepted the aforementioned digital assets include Crate & Barrel, GameStop, Lowe’s, Nordstrom, and arguably most importantly, the Amazon-owned Whole Foods.
But this may be the tip of the iceberg. Square, the fintech company headed by Twitter’s Jack Dorsey, is looking to make BTC spendable as the Internet’s currency in more places. He specifically wants to integrate the Lightning Network into Square’s Cash App, which already sells Bitcoin at a breakneck pace.
Date: May 30, 2019