Shopify Partners With Coinbase and Stripe In Landmark Stablecoin Deal (yahoo.com) 7
Shopify is launching stablecoin payments for its merchants later this year, starting with USDC in collaboration with Coinbase and Stripe. Fortune reports: The publicly traded tech company lets merchants -- including vintage clothes sellers, cosmetics businesses, and electronics companies -- set up their own online marketplaces. By late June, Shopify will let a select group of users accept payments in USDC, a stablecoin issued by the crypto company Circle, which recently had one of the year's hottest IPOs. "In our own philosophical framework, we are extremely aligned with everything that crypto stands for," Tobias Lutke, the CEO of Shopify and a Coinbase board member, said onstage at a Coinbase conference on Thursday.
Shopify will then gradually expand access to merchants across its network in the U.S. and Europe before opening up stablecoin payments to every merchant who uses its platform. The e-commerce company worked with Coinbase to develop a payments protocol to handle chargebacks, refunds, and other intricacies of retail payments on Coinbase's blockchain, Base. It also collaborated with fintech giant Stripe, one of Shopify's payments processors, to integrate stablecoins into the e-commerce company's existing software stack. "I think other payment processors will look at what Shopify is building and be like, 'Holy crap,'" Jesse Pollak, a Coinbase executive who oversees the crypto exchange's wallet and blockchain divisions, told Fortune.
Shopify will then gradually expand access to merchants across its network in the U.S. and Europe before opening up stablecoin payments to every merchant who uses its platform. The e-commerce company worked with Coinbase to develop a payments protocol to handle chargebacks, refunds, and other intricacies of retail payments on Coinbase's blockchain, Base. It also collaborated with fintech giant Stripe, one of Shopify's payments processors, to integrate stablecoins into the e-commerce company's existing software stack. "I think other payment processors will look at what Shopify is building and be like, 'Holy crap,'" Jesse Pollak, a Coinbase executive who oversees the crypto exchange's wallet and blockchain divisions, told Fortune.
Eat your dogfood (Score:2)
Seems like a solid Bro move. Is he an oligarch yet?
"everything that crypto stands for" (Score:5, Interesting)
USDC isn't decentralized. It is not permissionless: USDC can be frozen by Circle (the issuer). Per TFS, the Shopify/Coinbase transactions are reversible so you're going to have fees for counterparty risk. What exactly is "everything that crypto stands for"?
Re: (Score:3, Funny)
What exactly is "everything that crypto stands for"?
It's still a method to pay for illegal porn and drugs?
Re: (Score:1)
Through Coinbase? Maybe think that through.
Stablecoin pegged to Dollar (Score:3)