Hey, everyone! Earning crypto and having easy ways to spend it is the way to massive adoption, especially when catering to people who are not already deep into crypto. But for those who already are, spending directly on products and services is attractive. With Leo Merchants we aim to attract businesses and give them a way to receive any crypto and settle it in an accessible way for them.
In this clip:
- Receiving USDC in a Coinbase Wallet
- Leo Merchants competes in the same area as credit cards
- Our fees are a fraction of credit card processing fees
- There are easy ways to report crypto payments for taxes
To get businesses to accept crypto, we need to provide easy ways. Having a Coinbase account in the US is similar to having a bank account, and businesses can set up one to receive any crypto through Leo Merchants, settled in USDC in their Coinbase wallet, and even earn yield by holding it.
The half percent Leo Merchants fee is competitive, even against credit card processing fees that average at three percent. For a business making $1 million in transactions, it would save about $20,000 a year.
Since Coinbase has pretty good tax reporting, merchants can use it to report their taxes just as if they were receiving cash, so receiving crypto will increase their payment options, potentially increase their client base, and will be beneficial for crypto users.