Coinbase, a prominent crypto exchange based in the US, has rolled out a new program with the goal of promoting cryptocurrency as an alternative payment method for small businesses.
In a press release, Coinbase announced its partnership with Slice, a platform for ordering pizza, to launch a special sweepstakes that aims to support small businesses financially.
Running until June, this initiative gives consumers the opportunity 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.
According to Coinbase, “Small businesses like pizzerias are the heart of our communities. However, excessive transaction fees and lengthy processing times often pose challenges for them.”
The exchange initiated this program after conducting research that revealed how intermediaries like traditional financial institutions and payment apps contribute to the high costs, complexity, and delays in the current system.
“Both consumers and small businesses using the system are required to pay, wait, and pay again as their funds navigate through intermediaries who add fees and time to the process,” Coinbase explained.
In 2022, merchants reportedly spent over $126 billion in fees for processing credit card transactions, a cost that could have been significantly reduced if they had utilized blockchain technology.
Additionally, consumers could have saved approximately $600 per household by using crypto, according to Coinbase.
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