Coinbase Commerce Enables Option for Merchants to Instantly Convert Crypto to Fiat or USDC
Coinbase “Commerce” will now let merchants that use its service instantly convert cryptocurrencies to fiat currencies and the USDC stablecoin, by simply linking your coinbase account, and converting in a few simply clicks.
Merchants can directly connect their Coinbase.com accounts with Coinbase Commerce and convert their crypto payments into U.S. dollars (USD), euros (EUR), British pounds (GBP), and USD Coin (USDC) stablecoin. Coinbase said it would charge a 1% fee for conversions.
Integrations that will also allow merchants with Coinbase Commerce accounts to use Coinbase Pro and Coinbase Prime for conversions and withdrawals are coming “soon,” according to exchange operator.
Coinbase Commerce currently supports bitcoin (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), DAI, and USDC for payments. The platform is used by more than 8,000 merchants, according to its website.
How does Converting Cryptocurrency work?
Users can trade between two currencies directly. For example: exchanging Ethereum (ETH) with Bitcoin (BTC), or vice versa.
- All trades are executed immediately and therefore cannot be canceled
- Fiat currency (ex: USD) is not needed to trade
How do I convert cryptocurrency?
- Sign in to your Coinbase account or into the Coinbase mobile app
- Find the asset page for the cryptocurrency you would like to convert from. For example, https://www.coinbase.com/price/bitcoin
- There will be a panel with the option to convert one cryptocurrency to another
- Enter the fiat amount of cryptocurrency you would like to convert from in terms of your native fiat currency. For example, $10 worth of BTC to convert into XRP
- Select Preview Conversion to see the amount of XRP you would convert from BTC
- If you do not have enough crypto to complete the transaction, you will be prompted to buy some
- Confirm the conversion transaction
Please see the Locations and trading pairs help article for all crypto-to-crypto trading pairs.
Please note, Coinbase charges a spread margin of up to two percent (2.00%) for Digital Currency Conversions. The actual spread margin charged varies due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes. We do not charge a separate Coinbase Fee for Digital Currency Conversions.
To see availability depending on country and cryptocurrency type, please see Supported cryptocurrencies.