Coinbase Commerce is an enterprise blockchain service that facilitates cryptocurrency transactions between customers and merchants, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin. Coinbase Commerce accounts comprise on-chain payments.

Are you a business using Coinbase Commerce?

Businesses using Coinbase Commerce will now gain easier access to Cryptio’s digital asset bookkeeping solution. Cryptio’s integration helps CFOs and accountants in extracting data from their Coinbase Commerce account, adapt it to accounting practices, and push it to the general ledger via API. 

Crypto-friendly businesses that leverage Cryptio’s Integrations such as Coinbase Commerce, Xero and Quickbooks, are able to automate their accounting process. Therefore, reducing resources spent on crypto accounting and complying with local standards

More global merchants are using Coinbase Commerce to receive payments in digital assets

Launched in February 2018, Coinbase Commerce enables merchants around the world to accept cryptocurrency payments in a secure and decentralized manner. With more than 8,000 businesses using their solution, and over $200m processed, it is one of the leading cryptocurrency payment solutions. 

As cryptocurrencies become mainstream, more merchants are expected to accept digital assets as a payment method in the future. Accepting digital assets like Bitcoin or Ethereum as a form of payment for products or services has never been easier. Coinbase Commerce offers integrations with eCommerce platforms such as WooCommerce and Shopify, as well as detailed API documentation for developers. The different nature of cryptocurrency payments and the inherent volatility of these assets can make accounting and tax reporting challenging for business owners. Cryptio Coinbase Commerce Integration is the tool to automate digital assets bookkeeping.

However, there are solutions available for crypto tax reporting. At Cryptio, we just launched the Coinbase Commerce integration, so that any merchant can manage its digital asset bookkeeping in a simple and easy way. Cryptio now offers the Coinbase Commerce API for monitoring and reporting crypto transactions effectively. Companies also have the possibility to track any other exchange accounts or wallets they might use in addition to Coinbase Commerce.

Cryptio automates digital assets bookkeeping

All cryptocurrency transactions can be monitored live, and pushed to traditional accounting software. Cryptio will store the transaction history, classify the transactions, calculate daily PnL based on cryptocurrency prices, and even reconcile transactions with invoices. By using other integrations from the Cryptio toolbox, such as Quickbooks and Xero, businesses can set up best practices in crypto transaction monitoring without disrupting their accounting processes. 

How to integrate a Coinbase Commerce wallet with Cryptio?​

Integrating your Coinbase Commerce account with Cryptio takes less than 1 minute. Cryptio will only monitor your transaction data and does not have access to your funds. Therefore all you have to do is import your API keys.

With the Cryptio Digital Asset Bookkeeping solution, Coinbase Commerce customers now benefit from an easy-to-implement integration to have their books in order. 

This integration, combined with the Cryptio toolbox, will help many businesses as they will have all the tools needed to automate their crypto accounting process and crypto tax reporting. We believe this new integration will drive further adoption of cryptocurrency for commerce.