Shopify dives deeper into crypto payments after Crypto.com deal; shares jump
- E-commerce platform Shopify (NYSE:SHOP) stock is higher by around 13% in Thursday afternoon trading as it expands further into cryptocurrency payment options with the integration of Crypto.com’s off-chain service.
- Shopify (SHOP) merchants can now use Crypto.com Pay to let customers make payments with more than 20 digital tokens, including bitcoin (BTC-USD), ethereum (ETH-USD), crypto.com coin (CRO-USD), shiba inu (SHIB-USD), dogecoin (DOGE-USD) and ApeCoin (APE-USD), according to a release Thursday.
- Furthermore, sellers that use Crypto.com Pay won’t have to pay settlement fees of 0.5% for one month, the release said. The promotion is effective through June 30.
- “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,” said John S. Lee, lead of Blockchain Ecosystem at Shopify.
- The move comes after digital payments platform Strike teamed up with Shopify (SHOP) last month to facilitate bitcoin (BTC-USD) payments over the Lightning Network.
- In mid-April, Shopify rival Amazon (AMZN) said it’s not close to adding crypto for payments.
Gottlich, M. (2022, May 19). Shopify dives deeper into crypto payments after Crypto.com deal (NYSE:shop). SeekingAlpha. Retrieved May 20, 2022, from https://seekingalpha.com/news/3841031-shopify-dives-deeper-into-crypto-payments-after-cryptocom-deal-shares-jump