Coinbase Commerce has added major stablecoin DAI as a new payment option for its merchant client base.
As mentioned in a press release from Coinbase’s management, merchants using the Coinbase Commerce platform will be able to take payments made in the DAI stablecoin. Vendors can now use the platform dashboard to connect their stores to a Coinbase Commerce checkout. They can also perform in-person transactions using the platform’s point-of-sale (PoS) interface. Retailers won’t be charged any extra fees when using Coinbase Commerce’s payment services.
Coinbase’s management noted:
“This integration opens some of the web’s biggest shops, including those on Shopify and WooCommerce, to Decentralized Finance (DeFi) users and others who want to transact securely using a decentralized stablecoin as a payment method.”
They added:
“In turn, it introduces merchants to a growing segment of the cryptocurrency market, allowing them to bridge the gap between DeFi dapp entrepreneurs and their own ‘real world’ businesses.”
San Francisco-headquartered Coinbase first began supporting trading in DAI in May of last year. The leading digital asset exchange allows users to purchase, sell, convert, send, receive, and store DAI on its trading platform.
In addition to supporting transactions made with DAI, Coinbase supports another major stablecoin, called USDC, a stablecoin that’s backed one-to-one with the US dollar and was created by the CENTRE consortium (established by Circle Internet Financial and Coinbase).
Coinbase Custody recently completed two System and Organization Controls (SOC) examinations. The examinations, SOC 1 Type 2 (SOC 1) and SOC 2 Type 2 (SOC 2) were done for the period of July 1, 2019 to December 31, 2019. Coinbase claims that Coinbase Custody is the first crypto custodian to attain both of these reports.
The exchange noted:
“These reports build on our previous compliance milestones achieved independently of Grant Thornton LLP. Paired with our industry-leading, comprehensive insurance policies, these affirmations offer our clients peace of mind when it comes to the storage, accounting and compliant care of their digital assets.”