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8Pay Shopify integration: Crypto payment processor token price surges after unveiling plugin for cryptocurrency payments

By Raphael Sanis

16:59, 4 November 2022

The Shopify website in front of a price graph
Merchants can accept payment in cryptocurrencies by using the newly launched 8Pay plugin – Photo: Shutterstock

The payment provider 8Pay’s native token has surged fivefold this week after it integrated with Shopify (SHOP).

8Pay’s collaboration with the ecommerce company has allowed any merchant to receive crypto payments on the platform.

Shopify (SHOP) share price chart

As of 4 November, 8Pay was up almost 400% in the past seven days, from $0.0061 to $0.03151.

Shopify plugin details

8Pay, a crypto payment processor, has launched a new plugin on the ecommerce platform Shopify.

It tweeted: “The Shopify plugin is a great way to increase your sales opportunities, integrating new possibilities that can give your e-commerce a series of additional payment functions.”

To install the plugin, entrepreneurs must create a developer app on the Shopify store and connect it with the 8Pay network. They can then receive payments from all the “major crypto assets on all supported chains”.


0.12 Price
-5.460% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


170.29 Price
-6.140% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652


0.62 Price
-2.120% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168


64,947.85 Price
-1.800% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

The 8Pay team were bullish over this integration as there are more than 1.75 million Shopify merchants and 475 million shoppers using the platform.

However, 8Pay is not the first crypto provider to partner with the ecommerce company. The payment provider has industry giants to compete with, including Coinbase (COIN) and (CRO).

8PAY’s price rise

In line with the wider crypto market, 8PAY’s price has been bearish since its surge in November 2021.

However, for the first time since, it rallied after the Shopify integration was announced on 31 October 2022.

It climbed from $0.0061 to a high of $0.03 on 3 November, a staggering rise of 391%. 8PAY had risen to $0.03151 5pm GMT on 4 November, accoprding to CoinMarketCap.

Markets in this article

Coinbase Global Inc (Extended Hours)
236.50 USD
-10.85 -4.400%
0.09133 USD
-0.0033 -3.570%
Shopify Inc (US) (Extended Hours)
60.12 USD
0.43 +0.720%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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