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Shopify Strikes Deal with Pay Gateway, Allowing Pay in ‘300+’ Altcoins

Shopify Strikes Deal with Pay Gateway, Allowing Pay in ‘300+’ Altcoins 101
Source: iStock/Beeldbewerking

Vancouver-based payment gateway CoinPayments says it has agreed a deal with Ottowa’s e-commerce platform Shopify, which will allow the latter’s customers to pay in altcoins.

Shopify began accepting Bitcoin in 2013, but the company’s new deal means that users can now make their purchase in “hundreds” of other cryptocurrencies.

CoinPayments tweeted, “[We have] partnered with Shopify, enabling merchants to accept over 300+ cryptocurrencies in exchange for goods.”

The announcement was met with enthusiasm by the crypto community. The developers of the Verge (XVG) cryptocurrency tweeted, “Shopify currently powers over 600,000 businesses, and this is an amazing step for all crypto.”

Shopify's total revenue for the full year 2017 was USD 673.3 million, a 73% increase over 2016, while this year the company expects to reach up to USD 990 million.

Shopify rival Amazon is still yet to announce plans to accept cryptocurrencies, despite repeated calls pleas from investors. Amazon earlier this week revealed that it is to expand its blockchain operations, with its Amazon Web Services subsidiary penning a deal with blockchain incubator ConsenSys.

Last month, the company also filed a patent for a streaming data marketplace that may one day allow subscribers to access real-time cryptocurrency transaction data.

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