Category Archives: Coinbase Commerce

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Gallery Sees Crypto Payments Boost Sales by 427%

An online sales art gallery has seen its sales leap by 427% after accepting cryptocurrency payments three months ago, writes the Daily Hodl.

Lynx Art Collection, which sells a range of quirky and unusual pieces from embossed small panels to Bitcoin beach towels, says that it has seen its sales rocket since selling its first poster back in 2012. The site now takes an extraordinarily broad range of crypto payments amounting to 725 cryptocurrencies. Incredibly, the company still feels it would like to add more coins to its list of payment options.

The site has linked up with Coinbase Commerce in order to take the major currencies. Nano payment is also available by using QR scanning for quick purchases.

Perhaps the success of Lynx shouldn’t come as too much of a surprise. There is now a kind of anti-financial- establishment trend which provokes a need to purchase Bitcoin-related pieces, however kitsch some of them might be (remember, the art is in the eye of the beholder). When JPMorgan Chase & Co Chairman Jamie Dimon recently called crypto a”“terrible store of value”, artist ‘cryptograffiti’ decided to produce his own artistic version of the description, as reported in Bitcoin News.

Terrible Store of Value’ is a portrait of a “disintegrating” Dimon – “mirroring the public’s trust toward traditional banking institutions”, according to cryptograffiti’s website – executed on a bank deposit box that’s connected to a Bitcoin wallet, reports Bloomberg. The piece eventually sold for GBP 33,000.

Add to this the artist Kevin Abosch of Yellow Lambo fame imprinting 100 physical artworks with the IAMA contract address on the Ethereum blockchain “corresponding to the creation” of 10 million virtual works titled ‘IAMA Coin’…using his own blood to ensure each coin literally was a piece of the artist as Abosch indicated.

If this might not be to the buyer’s taste, Andy Warhol may be, or perhaps a watercolor. Whatever one’s taste, cryptocurrency is becoming an increasingly popular payment method for art investors, and now that blockchain is being adopted to solve problems over copyright and provenance issues, it looks like crypto and art have made a match.

 

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Image Courtesy: Pixabay

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Coinbase Looks to Acquire Banking Licenses

Coinbase is currently looking into the processes involved in acquiring banking licenses. The Wall Street Journal reports that an undisclosed source revealed that the exchange engaged in conversations with members of the US Office of the Comptroller of the Currency in earlier this year:

“Coinbase Inc and another cryptocurrency firm talked to US regulators about the possibility of obtaining banking licenses, a move that would allow the startups to broaden the types of products they offer.”

Additional Coinbase services

Coinbase has been expanding its services this year to become more than just an exchange. Its commerce API or its “PayPal-like service”, was released in February. Merchants could quickly implement cryptocurrencies as a payment method supporting BitcoinBitcoin CashEthereum, and Litecoin. The platform adds a “PayPal-like” button to e-commerce sites allowing streamlined payments straight to the vendor’s wallet.

Coinbase isn’t the only company to offer these types of services, with BitPay also letting customers pay in Bitcoin and Bitcoin Cash. With the volatility within the cryptocurrency market this year it may take more to encourage merchants to adopt this additional payment method.

Coinbase announced this month that it would be releasing its Coinbase Custody platform. The new product could entice institutional investors, it went on to explain: “The cryptocurrency market is maturing rapidly as more sophisticated institutional participants enter the space. In fact, in the past few months over 100 hedge funds were created that exclusively invest in and trade cryptocurrency. Some of the world’s largest financial institutions have also recently announced their plans to begin trading cryptocurrency.”

Coinbase Custody is a storage service for a minimum of USD 10 million in crypto. Financial institutions will be expected to pay USD 100,000 as a set-up fee and an additional monthly premium dependant on holdings. Coinbase claimed: “We have leveraged our experience safely storing more than $20 billion of cryptocurrency to create Coinbase Custody, the most secure crypto storage solution available.”

Industry issues

Coinbase believes its recent progress will accelerate the world’s adoption of cryptocurrency by bringing new capital and greater awareness to the industry.

The volatility of Bitcoin still stands to be an issue and has led to merchants withdrawing the payment option. This was one of the main reasons for Steam halting Bitcoin payments at the end of 2017. The rise of crypto-related crime is enough to deter investors in the interim.

As much as 30,000 people who have fallen victim to Ethereum-related theft, suffering an average loss of USD 7,500 each, according to Chainalysis. Exchanges have been targeted in large-scale hacks with Coincheck losing USD 550 million worth of NEM cryptocurrency (XEM) in January and Coinsecure losing USD 3.5 million in Bitcoin (BTC). With legislation and regulation becoming a hot topic among unions and governments, 2018 is set to be an interesting year for cryptocurrencies.

Coinbases profitability values the company at around USD 8 billion. The growth and reinvestment into new ventures such as the banking industry shows Coinbase’s faith in the future of cryptocurrencies.

However, not everyone believes that the company is heading in the right direction. Reddit user Bitcoin Yoda explains how Coinbase Commerce is moving in a different direction to Satoshi’s vision: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Any intermediary between your BTC payment and the merchant is violating the definition of Bitcoin and your privacy.”

Is Coinbase’s pursuit of becoming a bank turning its back on the ideologies behind crypto?

 

Image Source: Flicker (Jim Makos +)

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Reddit to Resume Crypto Payments via Coinbase Commerce

Reddit, one of the biggest social media communities, is looking to re-establish cryptocurrency payments through Coinbase’s commerce platform. Users will be able to pay for the gold membership using Bitcoin and a variety of altcoins such as Bitcoin Cash, Ethereum, and Litecoin.

Reddit had previously accepted Bitcoin payments and was an early adopter of the payment method, working with Coinbase from as far back as 2013. However, Bitcoin had recently been met with mixed interest with companies withdrawing these services.

Reddit administrator emoney04 said, “The upcoming Coinbase change, combined with some bugs around the Bitcoin payment option that were affecting purchases for certain users, led us to remove Bitcoin as a payment option.”

The implementation of a more streamlined crypto payment system and with cryptocurrencies on what appears to be a steady bull run may see an adoption of digital payments again.

Reddit is not the only company to drop out of crypto payments

Stripe was another early adopter of Bitcoin payments, processing payments for businesses using crypto since 2014. Slow transaction speeds and high transaction fees led to virtual currencies being dropped as a payment method earlier this year.

Dell, which was once one of the largest companies to take Bitcoin payments, and Valve, stopped due to the cost of transaction fees and price volatility. The payment method hasn’t been as popular due to a lack of user interest with PayPal calling cryptocurrency “an experiment”.

Statistics show that Coinbase received around 14 million registrations in 2017 and with the announcement of their new payment platform we could see a wider adoption of crypto payments, as well as companies revisiting the idea of accepting Bitcoin.

With companies such as Santander and Mastercard investing heavily in blockchain as well as a larger public awareness of cryptocurrencies, companies may begin to feel confident in supporting alternative payment methods.

 

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Crypto Payments Set to Return to Reddit

The CTO of Reddit, Christopher Slowe, has announced that Bitcoin is set to return as a payment option on the platform.

Slowe was interviewed by the business and technology news outlet Cheddar, when he revealed that Reddit was currently working towards the reintroduction of the Bitcoin payment option. Users were previously able to purchase Reddit Gold with Bitcoin on the platform but this option was disabled recently.

During the interview, Slowe noted that Reddit was also investigating the feasibility of providing alternative cryptocurrency payment methods, saying, ”We are looking at Ethereum and Litecoin that are provided by Coinbase as well.”

While Slowe did not provide a timeframe for when he expected the payment methods to be live, he did say that he anticipates them to come back in the near future. In the meantime, Reddit users are still able to purchase Reddit Gold via PayPal or Credit Card.

.@Reddit, which hosts communities for every single cryptocurrency in the world, is hoping to bring back crypto payments to the platform, this time with Ethereum and Litecoin in addition to Bitcoin, according to CTO @KeyserSosa. pic.twitter.com/wkUniMvhex

— Cheddar (@cheddar) May 2, 2018

Bitcoin was disabled as a payment option in March this year, according to a Reddit admin due to changes made to the payment gateway provider Coinbase Commerce. The admin user claimed that an issue with the Coinbase service had led to its removal.

“Yup that’s right. The upcoming Coinbase change, combined with some bugs around the Bitcoin payment option that were affecting purchases for certain users, led us to remove Bitcoin as a payment option,” the admin wrote.

Coinbase Commerce had indeed changed the terms of their service, requiring merchants to make a significant upgrade to continue facilitating transactions. During the interview with Slowe, he said that rather than Reddit focus on this upgrade, they were instead fixing efforts on upgrading the design of the platform.

Reddit hosts the largest online cryptocurrency community for discussions and debate. Currently, the Bitcoin subreddit has 816,000 subscribers, with the cryptocurrency subreddit holds over 663,000 subscribers. Reddit first enabled Bitcoin as a payment option in February 2013.

 

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