Coinbase Commerce announces support for Dogecoin payments

Elon Musk’s favourite meme token can now be used for payments on Coinbase’s e-commerce platform

The e-commerce platform of Coinbase – Coinbase Commerce – has announced it is now accepting payments in leading meme token Dogecoin (DOGE).

The platform now accepts seven assets on its platforms. Merchants using Shopify and WooCommerce can also now accept Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE) and Bitcoin Cash (BCH) alongside Stablecoins DAI and USD Coin (USDC). 

Coinbase Commerce enables global merchants to accept cryptocurrency payments from shoppers and convert them into FIAT currencies or alternative cryptocurrencies all through your Coinbase account.

Coinbase’s move to add Dogecoin to its e-commerce arm follows the listing of DOGE on Coinbase on June 3 alongside trading support for DOGE being announced for Coinbase Pro. The listing and recent integrations of assets such as Doge is part of a roadmap laid out by Brian Armstrong, CEO of Coinbase in a recent blog.

In the post, Armstrong outlined Coinbase’s plans for a decentralised app store, self-custody options and a strategy to bring more assets to Coinbase faster. He also followed up with a second post that covered the “mission, strategy and culture” of Coinbase.

READ MORE: What is Dogecoin?

Dogecoin remains a favourite across the crypto spectrum, with Elon Musk continuing to show his support for the meme coin. He confirmed his ownership of Dogecoin while speaking at the “B Word” event – a live discussion about Bitcoin between Tesla and SpaceX billionaire Elon Musk, Twitter’s Jack Dorsey, and major Tesla and Bitcoin investor Cathie Wood. Musk has also confirmed his support for a proposal that aims to significantly reduce transaction fees of Dogecoin.

At the event, Musk confirmed that he personally owns Bitcoin, Dogecoin and Ethereum while also disclosing that SpaceX also holds Bitcoin. Additionally, Musk said that Tesla would “most likely” start accepting Bitcoin as payment for vehicles again.

Tesla said in May that it would no longer accept Bitcoin for purchases following concerns over the environmental impact of mining.

“Most likely the answer is that Tesla would resume accepting Bitcoin,” he said during yesterday’s event.

Musk also disclosed that he is looking at the percentage of renewable energy used before making a decision, adding “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin”.

Following Musk’s comments at the event, Bitcoin rallied by 6%, Ethereum a further 10.6%. Dogecoin rallied by 34% between July 20 and July 22, hinting that the market anticipated Musk mentioning Dogecoin at the Bitcoin-focused event.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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