Coinbase Commerce, a platform that supports cryptocurrency payments for internet retailers, has added MakerDAO’s DAI stablecoin as a supported payment method this week.
This integration will let merchants around the world accept the USD-pegged stablecoin as payment for goods and services without Coinbase Commerce taking any extra fees.
Merchants can add a “pay with crypto” button to their checkout process, or choose to accept DAI only. Shop owners can also currently earn a DAI savings rate of 7.5%.
This could open doors to over 800,000 stores and 3 million web shops on Shopify and WooCommerce, as well as anyone else seeking a way to accept decentralized stablecoins as payment. It also introduces merchants to a growing segment of the cryptocurrency market, letting them bridge the gap between DeFi app developers and their own businesses.
DeFi (decentralized finance) is a popular movement sparked by cryptocurrency and blockchain technologies, bringing conventional financial services to the crypto sector.
Rune Christensen, CEO of the Maker Foundation, told Cointelegraph a few months ago that:
“DeFi is a new generation of products that are entirely transparent, where users can see exact cash flows while achieving greater levels of trust and security that can be audited in real time. DeFi also incorporates the global nature of blockchain and its advantages, making these more efficient systems with lower fees and higher yields.”