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One of the world’s leading cryptocurrency exchanges, Coinbase, has made a critical move to increase the use of cryptocurrencies in daily transactions. Coinbase has initiated a joint project with Washington D.C.-based leading coffee chain Compass Coffee. The collaboration involves the use of the USD Coin (USDC) stablecoin for payments within the coffee chain.
Coinbase and Compass Coffee Partnership
The collaboration between Coinbase and Compass Coffee aims to acquaint customers with the benefits of using cryptocurrency payments. The initiative will start at Compass Coffee’s Half Street store. According to a report by FOX Business earlier in the day, customers will be enabled to make payments with USDC.
Moreover, this move marks a significant step towards mainstream acceptance of digital currencies. Additionally, it offers consumers a tangible opportunity to use crypto assets in their everyday lives. The Half Street store is also offering an incentive to encourage the adoption of USDC payments.
Customers who choose to pay with USDC will earn up to 90% discounts on their orders, an incredible offer. They will also receive a Non-fungible Token (NFT) that can be used for a free box of coffee, featuring both Coinbase and Compass Coffee logos.
On the other hand, this emerging partnership can be cited as an example of how much the adoption of stablecoins and cryptocurrencies has increased.
What is the Goal of the Partnership?
According to Coinbase, the partnership with Compass Coffee is not only to facilitate crypto transactions but also to move away from classifying cryptocurrencies solely as speculative investments. Therefore, Coinbase aims to demonstrate the potential of crypto to revolutionize the traditional financial system.
To this end, the crypto exchange highlighted the notable features of blockchain technology, such as lower transaction fees and faster processing times. During this process, the coffee cups at the Half Street store will also carry an intriguing message. A significant point that can be achieved by leveraging blockchain technology in transactions will be emphasized.
The following statement is found on Compass Coffee cups:
In 2022, merchants in the USA paid an estimated $126 billion in credit card transaction fees. That’s 2.5 times the entire US coffee shop market. More than 99% of this could have been saved using blockchain technology.
