In a press release, Crypto.com revealed they would be waiving the 0.5% settlement fee for one month on all transactions for Shopify merchants who sign up for Crypto.com Pay until June 30.
As part of the partnership between Crypto.com and Shopify customers will be able to pay with more than 20 tokens, including Bitcoin, Ethereum, Cronos, Shiba Inu, Dogecoin, and ApeCoin.
Merchants who choose to use the Shopify integration will be able to receive cryptocurrencies with zero transaction fees. This is accessible to all Crypto.com users, not just Shopify vendors. In addition, Crypto.com also offers customers crypto-cashback Pay Rewards when they check out with the Cronos token (CRO), which can be up to 10 percent during the promotion periods.
Kris Marszalek, co-founder and CEO of Crypto.com, noted in the company press release:
“Providing more customers and merchants the ability to engage in commerce using cryptocurrencies is a priority for Crypto.com,”
John S. Lee, lead of blockchain ecosystem at Shopify added:
“Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods on their storefronts, helping to further expand what’s possible in commerce,”
In May Crypto.com slashed its card rewards , facing backlash from the community and sending the token value tumbling by nearly 11% falling to $0.29. The new changes are set to go into effect on June 1st.
Despite the turmoil of the cryptocurrency market, Shopify’s integration proves that institutional investors are still interested in the space, albeit with caution. Bitcoin payments platform Strike announced an integration with Shopify in April, however Shopify did not formally release a press release, preferring to integrate cryptocurrency into its platform in a quiet, yet consistent manner.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Samantha has worked as a content specialist over the past several years. She enjoys creating digestible content so that the masses can learn more about this fascinating industry.