Coinbase, a leading US-based cryptocurrency exchange, has announced a new initiative to promote the use of crypto as an alternative payment system for small businesses. The initiative involves a partnership with the pizza-ordering platform Slice and aims to give back to small businesses by offering consumers the chance to win 1 Bitcoin (BTC) each for themselves and the pizzeria when they order pizza from a participating shop and scan the QR code on the box. This initiative, which runs through June, is designed to address the challenges faced by small businesses due to high transaction fees and long processing times.
According to Coinbase, small businesses like pizzerias play a vital role in anchoring communities, but they often struggle to stay afloat due to the expensive and complex nature of the current financial system. The exchange’s research found that middlemen such as legacy financial institutions and payment apps contribute to the high costs and delays associated with traditional payment processes. By leveraging blockchain technology, merchants could potentially save billions of dollars in processing fees, while consumers could also benefit from significant cost savings.
In 2022, merchants reportedly spent over $126 billion on fees to process credit card transactions, highlighting the substantial financial burden imposed by traditional payment systems. Coinbase believes that by embracing crypto, small businesses and consumers can avoid the added fees and delays caused by intermediaries, ultimately leading to a more efficient and cost-effective payment system. The exchange emphasizes the potential benefits of blockchain technology in streamlining transactions and reducing costs for both businesses and consumers.
The sweepstakes initiative launched by Coinbase and Slice is part of a broader effort to promote the adoption of crypto in everyday transactions and support small businesses that are at the heart of local communities. By incentivizing consumers to use crypto for purchases, the initiative aims to showcase the advantages of blockchain technology in improving the efficiency and affordability of payment processes. Through partnerships with innovative platforms like Slice, Coinbase is working to make crypto more accessible and beneficial for small businesses and consumers alike.
As part of its mission to increase awareness and adoption of crypto, Coinbase encourages consumers to participate in the sweepstakes and experience the benefits of using digital currencies for everyday transactions. By highlighting the potential savings and efficiency gains associated with blockchain technology, the exchange aims to empower small businesses to thrive in a rapidly changing financial landscape. Through initiatives like the sweepstakes with Slice, Coinbase is driving the transition towards a more inclusive and sustainable payment system that benefits businesses, consumers, and communities as a whole.
