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Signage is displayed on the Shopify Inc headquarters in Ottawa, Ontario, Canada, on Thursday, May 7, 2020. Ottawa-based Shopify edged past Royal Bank of Canada to become the largest publicly listed company in Canada. (Photo: David Kawai/Bloomberg)

Cayman Island’s CoinPayments inks deal with Shopify

Signage is displayed on the Shopify Inc headquarters in Ottawa, Ontario, Canada, on Thursday, May 7, 2020. Ottawa-based Shopify edged past Royal Bank of Canada to become the largest publicly listed company in Canada. (Photo: David Kawai/Bloomberg)

Cayman Islands-based cryptocurrency payments processor CoinPayments will now be a visible payment option for merchants on the Shopify platform and will make cryptocurrency transactions easier and more accessible while reducing transaction fees.

CoinPayments today announced that it has partnered with Canadian e-commerce giant Shopify to foster wider adoption of digital currency payments. To this end, CoinPayments’ crypto payments processing platform will present all Shopify merchants with a faster way of receiving payments in any of the 1,800 cryptocurrencies used and provide access to untapped markets globally.

The platform also reduces the need for Shopify merchants to interact with multiple payment processors due to cross-border and/or cross-currency transactions.

“The combination of Shopify and CoinPayments is unstoppable in the payments industry,” CoinPayments CEO Jason Butcher commented.

“By bringing our easy-to-use global crypto payments platform together with Shopify’s extensive merchant base, we look forward to delivering a seamless process for anyone looking to do business using cryptocurrencies,” he continued.

Jason Butcher, CEO of CoinPayments (Photo: YouTube)

The announcement of the CoinPayments-Shopify partnership follows a successful beta trial that started in 2019. CoinPayments’ collaboration with Shopify is just one of several expected announcements that will expand the Cayman Islands company’s simple and secure crypto payments platform to a new set of partners and merchants.

“As leaders in e-commerce and crypto payments, our combined expertise reflects the future of business transactions,” Butcher stated.