Coinbase launches bitcoin tool for shops and businesses to accept cryptocurrency payments

Lynsey Barber
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Cheers! Coinbase is helping merchants accept bitcoin (Source: Getty)

Having trouble spending your bitcoin?

Despite the cryptocurrency boom, using it to pay for goods is far from mainstream. But there's one startup that is looking to change that.

Cryptocurrency exchange Coinbase has launched a new tool to make it easier for shops and other businesses to accept payments directly in bitcoin, ethereum, litecoin and more.

Read more: People getting divorced are now fighting over bitcoin

"Coinbase Commerce is a new service that enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide," the company said in an update.

The first to adopt Coinbase Commerce is Shopify, a Canadian-headquartered online payments firm that rivals iZettle and Square.

Coinbase is one of the most popular bitcoin exchanges in the US, and is backed by several high profile investors, including Andreessen Horowitz, Union Square Ventures, Spanish bank BBVA, the New York Stock Exchange and Reddit founder Alexis Ohanian among others.

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