8Pay Shopify integration: Crypto payment processor token price surges after unveiling plugin for cryptocurrency payments
16:59, 4 November 2022
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”.
???? @Shopify Plugin is finally live.
— 8Pay (@8Pay_network) October 31, 2022
????Now you can integrate crypto payments into your digital store.
> > https://t.co/wcF8fFXh9z
????A few numbers on Shopify:
ℹ️Shopify's revenue was $ 3.231 billion in 2021, showing an 86% increase over the past two years.
???????? pic.twitter.com/6nfFKJPdzN
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 Crypto.com (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.
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