Cryptocurrency, News & Updates

Shopify now accepts Crypto Payments

More crypto payment options are being made available in Shopify for the e-commerce giant has inked a partnership with Alchemy Pay.

By the start of the year 2020, the usage of crypto payment channels for the micro-transaction has remained a significant talking point for being one of the critical milestones for broad-based cryptocurrency adoption. With the ongoing coronavirus pandemic triggered a move against contactless settlement infrastructure, the payment means are empowered by the virtual currency and might boost popularity.

The Major Landmark for Crypto Adoption

Alchemy Pay has announced the Shopify partnership’s news in a press release issued on Wednesday (October 7, 2020). According to the press statement, Alchemy will empower the cryptocurrency payments for Shopify users.

Shopify shoppers are now able to pay for their items using crypto tokens like Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH). The other six supported “coins” are Tether (USDT), Litecoin (LTC), Binance Coin (BNB), Binance USD (BUSD), Gemini Dollar (GUSD), and Alchemy Pay (ACH); the native token of the Alchemy network.

Shopify, being a $120 billion company that is boasting online stores in over 175 various countries, the news of the platform’s crypto payment adoption signifies a significant scoop for cryptocurrency acceptance in general. Shopify online stores will now link the 1.2M merchants that are already supported by Alchemy Pay.

Remarking on the development, the Alchemy Product Head, Shawn Shi, commented:

“This partnership effectively put the power of cryptocurrency acceptance in the hands of over a million Shopify eCommerce merchants who serviced over 218 million consumers in 2019. We’re truly excited to see where how far this partnership will propel the cryptocurrency space forward.”

By way of a brand, Shopify is not a stranger to crypto acceptance. The e-commerce giant beforehand has rolled out cryptocurrency sum support for merchants since May. In August, news of a Cardano (ADA) integration also emerged to allow users to pay for items using ADA tokens.

The news of crypto payments joining Shopify is the latest expansion in the retail cryptocurrency implementation arena. As reported previously, Cardano is an allowed payment method on top retail brands such as Nike and Airbnb.

Earlier this year, the crypto reimbursements platform Lolli has partnered with 950 retailers to endorse Bitcoin acceptance. Crypto reimbursements and reward programs can also help give incentives to the greater cryptocurrency adoption among wholesalers and patrons comparable and is a market section that sees cumulative levels of action.

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