Washington Coffee Chain Teams Up with Coinbase to Accept Cryptocurrency Payments
A local coffee chain in Washington has partnered with Coinbase to integrate digital asset payments, offering customers the option to pay for their morning brew in cryptocurrency. Compass Coffee, a United States veteran-owned coffee company with 16 stores in the area, is now the first retail outlet in DC to accept payment in Circleโs USDC stablecoin, which is pegged to the US dollar.
Customers who pay for their coffee at the Half Street Store in DC will receive a 90% discount on their payments, introducing them to seamless digital payments. Additionally, consumers will receive non-fungible tokens (NFTs) that can be redeemed for a free tin branded with logos of Coinbase and Compass.
Traditional Firms Embrace Stablecoins
Stablecoins are becoming increasingly popular among investors due to their exemption from the high volatility of the cryptocurrency market. With their price pegged to the dollar, traditional firms and local retail clients can easily enter and exit the digital asset market.
While larger franchises have already embraced crypto payments, smaller businesses have been slower to adopt this payment method on a large scale. However, with the recent approval of spot Bitcoin ETFs in the United States and record inflows into Bitcoin through investment windows, this narrative could soon change.
The CEO of Compass Coffee, Michael Haft, believes that accepting USDC will transform the business by eliminating junk fees and boosting the local economy:
โWe hope to help transform retail experiences by accepting USDC and limiting junk fees so those margins that would typically go to credit card companies can come back to us and boost the local economy.โ
Coinbaseโs Impact on Retail Markets
Coinbase and Compass have launched an educational campaign in local stores to highlight the low-cost benefits of crypto transactions. By accepting cryptocurrency payments, businesses can save both time and money compared to credit card transactions, which often involve a two-day settlement period and fees ranging from 1.5% to 3.5%.
On Wednesday, Coinbase and Compass shared messages with customers through coffee shops, emphasizing the potential savings that blockchain technology can bring:
โ$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.โ
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Hot Take: Washington Coffee Chain Pioneers Crypto Payments
A local coffee chain in Washington has made history by becoming the first retail outlet in DC to accept cryptocurrency payments. By teaming up with Coinbase, Compass Coffee is offering its customers the option to pay with Circleโs USDC stablecoin, providing them with a seamless digital payment experience.
This partnership not only highlights the growing adoption of cryptocurrencies in mainstream retail services but also showcases the benefits of stablecoins for traditional firms and local businesses:
- Stablecoins provide a more stable value compared to volatile cryptocurrencies.
- Businesses can easily enter and exit the digital asset market due to the price being pegged to the US dollar.
- Crypto payments save time and money compared to credit card transactions.
As more businesses embrace crypto payments, we may see a shift in consumer behavior and increased awareness of the advantages offered by blockchain technology. With Coinbase leading the way in promoting crypto adoption, the future of retail payments looks promising.
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