DC Coffee Chain Partners Coinbase to Onboard Crypto Payments

The use cases for mainstream cryptocurrency adoption grow as a local coffee chain in Washington has teamed up with Coinbase to integrate digital asset payments.  

Compass Coffee, a United States veteran-owned coffee company with a total of 16 stores around the area will offer consumers an option to pay for their morning brew in cryptocurrency.  

Users will be able to pay in Circle’s USDC stablecoin pegged with the US dollar, FOX Business reported. The move goes to show the increasing adoption of cryptocurrencies in mainstream retail services. Compass Coffee is now the first retail outlet in DC to accept payment in USDC. 

According to the statement, customers who pay for their coffee at the Half Street Store in DC will get 90% slashed off their payments to introduce users to seamless digital payments. 

Consumers will also receive non-fungible tokens (NFTs) which can be used to redeem a free tin branded in logos of Coinbase and  Compass. 

Traditional Firms To Utilize Stablecoins 

Investors lean toward stablecoins because they are exempt from the high volatility of the cryptocurrency market. With the price pegged to the dollar, traditional firms and local retail clients can move in and out of the digital asset market.

While larger franchises have embraced crypto payments, smaller businesses have yet to adopt the payment method on a large scale. The narrative could change due to the approval of spot Bitcoin ETFs in the United States. Record inflows have tricked into Bitcoin through the investment window leading to wider retail values.

Michael Haft the CEO of Compass Coffee the move to accept USDC will transform the business saving lots of junk fees. 

“We 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.”

Coinbase Take on Retail Markets 

Coinbase and Compass have engaged in an enlightening campaign in local stores on the low-cost transactional values in crypto transactions. Crypto payments will save time and money spent on credit card transactions. Most credit card transactions record a two-day settlement period with 1.5% to 3.5% in fees. 

Coinbase and Compass passed messages to customers through coffee shops on Wednesday.

“$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.”

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