Crypto exchange Coinbase announced the addition of Dogecoin to its Coinbase Commerce payment platform. The service allows online merchants to accept digital currency payments as well as fiat money. Dogecoin became the seventh cryptocurrency to integrate with Coinbase Commerce. Along with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and the Dai and USDC stablecoins. The company expressed confidence that this will increase the demand for payments in Dogecoin.
The company claims that the service serves over 8,000 retail outlets around the world. In May, Coinbase Commerce partnered with one of the world’s oldest auction houses, Sotheby’s, to host Bitcoin and Ether acceptance. Coinbase Commerce also supports Bitcoin Cash, Litecoin, and USDC stablecoin.
Thus, users of the Coinbase crypto exchange will be able to seamlessly convert their crypto payments to fiat currencies without leaving the Coinbase Commerce platform. If you believe the message from Coinbase, then this kind of integration will soon become available in other divisions of the exchange; Coinbase Prime and Pro.
Note, that in the spring Coinbase went public on the NASDAQ exchange, bypassing the IPO procedure, through a direct listing. At the peak, the value of the company’s shares reached $ 429.5, but then they entered the stage of decline. As of today, at the premarket, the price of securities of the first public crypto exchange is $ 231.
Created in 2013 as a joke, Dogecoin only became popular this year after years of relative obscurity. At the end of January its price was less than $ 0.01, and in May it exceeded $ 0.51. At the moment, Dogecoin is ranked eighth in the list of the largest cryptocurrencies in terms of capitalization. Over the past day, the price of the asset has risen by 10% to $ 0.19. And the capitalization exceeded $ 25 billion.
Dogecoin was added to the professional trading platform Coinbase Pro in early June. Against the background of the listing, cryptocurrency quotes rose by 34%. At the same time, altcoin has not yet been presented on the main crypto exchange Coinbase.
In March of this year, the Dallas Mavericks basketball club, owned by billionaire Mark Cuban, began selling tickets for Dogecoin. Explaining the reasons for this decision, Cuban stated:
“Because we can! Sometimes in business you have to do things that are fun that increase engagement and hopefully create a lot of PR. Therefore, we will be accepting Dogecoin today, tomorrow, and possibly forever”.
Lawsuit against Coinbase
Previously, altcoin holder Dogecoin initiated a class action lawsuit against Coinbase, accusing it of vaguely establishing the rules for the cryptocurrency draw. David Suski has filed a complaint with San Francisco federal court regarding the Trade Doge Win Doge contest on Coinbase, in which he invested $ 100. Suski said he would not have invested this amount if exchange had made it clear that the competition was free to enter. According to the lawsuit, the marketing firm hired by Coinbase used “inaccurate and misleading” practices to hide the possibility of free participation.