Covid-19 hasn’t kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from Coinbase Commerce.
Apart from consumer use, different cryptocurrency exchange platform has witnessed a significant rise in transaction volume.
A Coinbase Commerce report shows that on 3-26-2020, clients made bitcoin transactions that helped the company surpass a goal of $200 million in transactions since it launched the payments portal. The results come from an enormous network of eight thousand retailers that accept cryptocurrencies together with other methods of payment.
The COVID-19 crisis seem to have increased the way people use digital money.
John Zettler, Coinbase Commerce product’s lead, said that money comes very often in BTC but didn’t mention the exact usage breakdown of crypto-by-crypto. People seem to prefer BTC more than other digital currencies.
Here are his exact words about how customers at Commerce feel about this digital currency,
“Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most.”
Coinbase is also witnessing an increase in stablecoin based payments, especially in its own USD coin that’s dollar-pegged, USDC. Zettler mentioned USDC is leading the growth pack and is expected to have a material growth through Q2 and Q3 of 2020. Support for USDC was added by Commerce back in May 2019.
Zettler further said that Coinbase is working to improve Commerce’s features so that merchants’ demands are being met. The service was launched for refunds and with the intention to normalize the crypto e-commerce space. At the moment, crypto is only an insignificant e-commerce method, with a $3.5 trillion sales marketplace in 2019.