Coinbase Commerce now allows merchants to convert crypto to fiat from within the platform

Exchanges • October 12, 2020, 1:01PM EDT
UPDATED: October 12, 2020, 10:33AM EDT
Michael Short/Bloomberg via Getty Images

Coinbase Commerce, the exchange operator's payment service for merchants, will now let users convert cryptocurrencies to fiat currencies and stablecoin from within the platform.

Previously, merchants had to move their crypto payments to Coinbase's exchange platform for conversions. Now they can do them without having to leave the Commerce platform, Coinbase announced in a blog post shared with The Block on Monday.

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Merchants can directly connect their Coinbase.com accounts with Coinbase Commerce and convert their crypto payments into U.S. dollars (USD), euros (EUR), British pounds (GBP), and USD Coin (USDC) stablecoin. Coinbase said it would charge a 1% fee for conversions.

Integrations that will also allow merchants with Coinbase Commerce accounts to use Coinbase Pro and Coinbase Prime for conversions and withdrawals are coming "soon," according to exchange operator.

Coinbase Commerce currently supports bitcoin (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), DAI, and USDC for payments. The platform is used by more than 8,000 merchants, according to its website.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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