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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”.

XRP/USD

0.54 Price
-0.720% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.15 Price
+4.220% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

63,139.75 Price
+0.270% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

469.25 Price
+2.900% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

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.

Markets in this article

COIN
Coinbase Global Inc (Extended Hours)
224.65 USD
-0.72 -0.320%
CRO/USD
Crypto.com Coin / USD
0.13568 USD
-0.0005 -0.370%
SHOP
Shopify Inc (US) (Extended Hours)
74.57 USD
2.37 +3.290%

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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.
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