To boost the adoption of cryptocurrencies in everyday transactions, Coinbase, a popular crypto exchange, has initiated a move. Coinbase entered into a partnership with Compass Coffee, a prominent veteran-owned coffee chain based in Washington D.C. The collaboration will utilize the USD Coin (USDC) stablecoin for payments in the coffee chain.
Coinbase & Compass Coffee Partnership
The Coinbase and Compass Coffee collaboration aims to introduce customers to the advantages of using cryptocurrency payments. The initiative will be spearheaded by the Compass Coffee’s Half Street store. Hence, the store’s customers will now have the option to pay for their coffee purchases using USDC, according to a FOX Business report.
Moreover, this move marks a significant step towards mainstream acceptance of digital currencies. In addition, it provides consumers with a tangible opportunity to utilize crypto assets in their daily lives. The Half Street store is also offering an incentive to encourage USDC payment adoption.
The customers who opt to pay with USDC will receive an enticing offer of 90% off their orders. Additionally, they can acquire a Non-fungible Token (NFT) that can be redeemed for a complimentary tin of coffee featuring the logos of both Coinbase and Compass Coffee.
Furthermore, this initiative exemplifies the growing trend of businesses embracing cryptocurrencies as a viable payment option. Furthermore, the change has particularly been witnessed in the wake of recent advancements such as the launch of Spot Bitcoin ETFs on Wall Street.
USDC, a stablecoin issued by Circle, which is a crypto company in which Coinbase holds a minority stake. By using USDC, Compass Coffee is paving the way for other small businesses to integrate stablecoin payments into their operations.
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What Is The Partnership’s Goal?
According to Coinbase, the partnership with Compass Coffee serves not only to facilitate crypto transactions but also to challenge the perception of cryptocurrencies as solely speculative investments. Hence, Coinbase aims to demonstrate crypto’s potential to revolutionize the traditional financial system.
For this, the crypto exchange spotlighted the benefits of blockchain technology, such as reduced transaction fees and faster processing times. In line with this goal, the coffee cups at the Half Street store feature a compelling message. It highlights the substantial savings that could be achieved by leveraging blockchain technology for transactions.
These Compass Coffee cups stated, “$126 billion in estimated credit card transaction fees paid in 2022 by U.S. merchants. 2.5X the entire U.S. coffee shop market. Over 99% of this could have been saved by using blockchain technology.” As the partnership between Coinbase and Compass Coffee unfolds, it is poised to catalyze further discussions around the role of cryptocurrencies in everyday commerce.
Also Read: US Business & Crypto Bodies Back Coinbase Appeal of SEC’s Rulemaking Petition Denial
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