Coinbase Commerce Partners With Chainalysis for Crypto Payments

Blockchain intelligence platform Chainalysis announced Monday (June 12) that it is integrating crypto payment platform Coinbase Commerce, giving customers the ability to pay with a variety of digital assets, including DeFi tokens, and reducing traditional barriers and friction associated with fiat transactions.

“We recognize the unique needs of DeFi participants and are excited to support their operations by accepting a wide variety of digital assets,” said Rakib Azad, senior vice president of finance at Chainalysis, in the announcement. “This development demonstrates our dedication to fostering the continued growth and innovation of the DeFi industry.”

For those who primarily operate within decentralized networks and rely on cryptocurrencies for their financial activities, the integration of Coinbase Commerce is particularly advantageous. 

“Through this integration with Coinbase Commerce, Chainalysis customers can use cryptocurrency to pay for a wide range of crypto-related services, streamlining their operations,” said Will Robinson, Coinbase vice president of engineering.

With the integration of Coinbase Commerce, customers can pay using a growing number of cryptocurrencies, making it easier to participate in the DeFi ecosystem. This integration of crypto payments is a significant development that supports the adoption of digital assets as a means of payment.

“We believe cryptocurrency has the potential to create more economic freedom for every individual and business in the world. This collaboration is another step towards that vision,” Robinson said.

On the wider issue of crypto payments, Chainalysis Chief Product Officer Pratima Arora told PYMNTS in Q1, “This moment is an opportunity to take stock of our values and advocate for a better, safer ecosystem. Fundamentally, there is a huge demand for new models of ownership in the economy. Crypto is a cross-border, instantaneous, and cheap way to exchange value, and I believe the demand for that is only going to increase. Now, in 2023, is when a better future will be built. It’s times like these — bear markets — when changes in crypto technology happen.”