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Source: www.pymnts.com, May 2022
Shopify merchants can now enable Crypto.com Pay on their online storefronts and give customers more ways to make their purchases with cryptocurrencies, according to a press release Tuesday (May 17) by cryptocurrency platform Crypto.com.
Crypto.com is waiving the 0.5% settlement fee for one month on all transactions for Shopify merchants who sign up for Crypto.com Pay through June 30 as part of the collaboration.
Crypto.com Pay allows merchants to receive instant cryptocurrency payments from Crypto.com users around the world with no transaction fees. Crypto.com customers can get up to 10% in crypto-cashback Pay Rewards when they check out with the Cronos token (CRO).
“Providing more customers and merchants the ability to engage in commerce using cryptocurrencies is a priority for Crypto.com,” said Kris Marszalek, co-founder and CEO of Crypto.com, in the company press release.
Merchants who opt to use Crypto.com Pay will not face setup costs, and they can integrate the offering in a few minutes. The system will allow them to access tokens like Bitcoin, Ethereum, Cronos, Shiba Inu, Dogecoin and more.
“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,” said John S. Lee, lead of blockchain ecosystem at Shopify.
Related: Crypto.com Discovers That Loyalty Programs Are a Two-Way Street
The Crypto.com exchange cut its rewards earlier this month, watching the price of its CRO exchange token drop 11% in two hours and more than 22% by the next day.
Rewards for the top Obsidian tier (people who locked at least $400,000 worth of crypto in a staking program) were dropping from 8% to 2% in one month, and down from 1% to nothing at the lowest tier, according to the announcement. Existing customers were given a six-month grace period.
The decision, explained by Marszalek as necessary to “move closer to long-term sustainability of our card program,” was revised the next day.
