Shopify Integrates Support for Cryptocurrency Payments
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May 20, 2020

Popular ecommerce platform Shopify has signed a partnership with CoinPayments, a cryptocurrency payments processor, which allows all Shopify's clients accepting cryptocurrency as a payment.

According to an official press release, the announcement follows a successful beta trial that started in 2019.

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From now on, CoinPayments will be a visible payment option for all merchants on the Shopify platform.

CoinPayments CEO Jason Butcher says the combination of Shopify and CoinPayments "is unstoppable in the payments industry."

"By bringing our easy-to-use global crypto payments platform together with Shopify's extensive merchant base, we look forward to delivering a seamless process for anyone looking to do business using cryptocurrencies," Butcher said.

Merchants will now get paid faster in any of the 1,800 cryptocurrencies supported by CoinPayments, the press release states.

In February, the Canadian multinational e-commerce company Shopify also joined the Libra Association. Shopify will work collectively with the Libra Association to create a payment network that makes money "easier to access and supports merchants and consumers everywhere."

iHodl earlier reported that the Federal Security Service of the Russian Federation (FSB), which is Russia's main security agency, and the Bank of Russia had agreed to prohibit cryptocurrency payments.

According to the source familiar with the matter, a decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment.

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