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Coinbase Releases Third-Quarter Financial Results

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Payments platform Primer is integrating Coinbase Global’s (NASDAQ:COIN) commerce platform to allow merchants to add cryptocurrency as a standard payment method, the companies said Tuesday.

Through Coinbase Commerce, which enables merchants to accept crypto payments, merchants using Primer can now add crypto payments quickly to their checkout page, in a move that could help to boost overall crypto adoption.

“With Coinbase Commerce and Primer working together, any merchant can make secure cryptocurrency payments as readily available to their customers as traditional payment methods like credit cards,” said Roy Zhang, group product manager at Coinbase Commerce.

The news comes as Coinbase (COIN) focuses on the diversity of its revenue streams ranging from transaction fees on its crypto trading platform to transaction fees generated from its debit card. Just last week, Google (GOOGL) said it will let some customers pay for its cloud services with digital tokens via Coinbase, even as crypto prices trade at depressed levels.

Bitcoin (BTC-USD), for instance, has been trading rangebound for the better part of five months, changing hands at $19.29K at the time of writing. The world’s largest token by market cap is off over 70% from its November 2021 peak, yet a series of companies of all sizes continue to jump into the emerging space as they see crypto’s underlying blockchains supporting a variety of use cases such as payments, custody, and trading.

“Google accepting crypto payments despite the crypto winter speaks volumes about the long term prospects of the overall web3 industry,” KoinBasket CEO and Founder Khaleelulla said in a recent statement. “More and more big techs and corporations will adopt crypto in some way to become a part of this massive revolution.”

Previously, (Oct. 12) Coinbase to offer settlement, payment rail thanks to Signature Bank’s Signet.

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