Main navigation

SHIB & APE Can Now Be Used as Payment Methods on Coinbase Commerce

Tue, 06/28/2022 - 16:04
article image
Gamza Khanzadaev
Coinbase Commerce adds support for two community favorites in latest update
SHIB & APE Can Now Be Used as Payment Methods on Coinbase Commerce
Cover image via
Read U.TODAY on
Google News

Today, Coinbase Commerce, a platform that provides merchants with the ability to receive payments for goods and services in cryptocurrency, has added long-awaited support for seven more coins, among which are community favorites SHIB and APE.

However, this is not encouraging news regarding the Coinbase Commerce platform. Thus, the company announced that due to users' complaints about high commissions, it was decided in the current update to make crypto payments free and instant, if the buyer pays for goods and services from those merchants, who are connected to Coinbase-Managed.

The company also said that due to the high volatility on the cryptocurrency market, tokens received as payment will be automatically converted into fiat so that merchants will receive the exact amount they set. At the same time, the platform concretized the announcement, citing that auto conversion of crypto-to-fiat is available only for Coinbase-Managed merchants and works within the set limits:

  • $1M: BTC, ETH, USDC, DAI
  • $500K: LTC, SHIB, USDT
  • $250K: APE, BCH, DOGE

Not your standard token utility

More and more companies are adopting SHIB as a means of payment, from luxury accessories retailers to air carriers and grocery chains. Fans of the coin, who proudly call themselves the Shib army, must be used to this kind of news by now. At the same time, it is rather unusual to see ApeCoin (APE) as one.

The token from Yuga Labs, creators of the legendary NFT collection Bored Ape Yacht Club (BAYC), if it was used to pay for something in real life, it was only for burgers in a theme cafe. Otherwise, the use of APE seemed limited to the BAYC ecosystem, with its various NFT offshoots and "Otherside" Metaverse. Nevertheless, as we can see with the implementation of the token into the Coinbase Commerce framework, APE gets plus one point for utility and, who knows, maybe this is just the beginning.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.