With today's announcement, one of the world's best-known cryptocurrency exchanges, Crypto.com, has enabled Shopify merchants to receive cryptocurrency payments with the help of Crypto.com Pay.
Crypto.com expands the reach of traders
Thanks to this integration, Shopify merchants will be able to tap into the market of customers who prefer to pay in cryptocurrencies and open up opportunities for current users who want to take advantage of this service.
To further incentivize Shopify merchants, Crypto.com also offers to waive the 0,5% settlement fee for the first month after integration on all transactions. This will help Crypto.com expand its payment services to other Shopify users as well.
Currently, Crypto.com allows users to make payments around the world with zero transaction fees, and it also incentivizes individuals to use its native token, Cronos, with its payment platform. Users who pay through Crypto.com using Cronos receive a significant amount in crypto-cashback, which can go up to 10% in certain periods.
In the future, Crypto.com users will be able to pay Shopify merchants using 20 cryptocurrencies, from Bitcoin to Apecoin, via Ethereum, Cronos, Dogecoin and Shiba Inu.
Commenting on this announcement, Crypto.com co-founder and CEO Kris Marszalek said:
“Providing more customers and merchants with the ability to trade using cryptocurrencies is a priority for Crypto.com. We are incredibly excited to integrate into Shopify and bring this functionality to even more customers and merchants around the world. "
Crypto.com expands its partnerships
Marketing and advertising are Crypto.com's strengths, with brand ambassadors like Matt Damon. The exchange is therefore leveraging this to reach a wider audience.
As part of this strategy, the most recent transaction was Crypto.com's five-year partnership with the Australian Football League, which has become the official cryptocurrency exchange and official cryptocurrency trading platform for both AFL and for the AFLW.
But while it excels on the expansion front, it may not fare as well on the front of the Investors, as the Cronos owner is trying to recover from the devastating collapse of 9 May.
Although CRO rose 16,64% over the course of the week, it will be difficult for the altcoin to counter the 43,35% drop in price during the crash.