Payments platform Balanced has been gradually adding features to enable marketplaces to accept and make payments out to their users. Today the company is announcing that it’s integrated with Coinbase and will allow its customers to accept Bitcoin.
Now usually when we get pitches on new businesses “accepting Bitcoin” — like when acrappy NBA team or a space travel company does it — I’m inclined to pass on the news because it’s just a marketing gimmick and really, who cares? Bitcoin has hardly hit mainstream adoption and so as a practical matter, the number of users buying NBA seats or booking space travel via Bitcoin is pretty insignificant.
But Balanced’s integration with Coinbase and its support for Bitcoin is a bit different.
That’s because, for one thing, Balanced operates as an API platform for two-sided payments transactions. In that way, its support for Bitcoin is mainly to enable its clients — the companies accepting payments from one party and making payouts to another — to use the feature.
Currently Balanced has more than 450 marketplaces using its payment solutions, and now any of them can easily accept Bitcoin as a payment option. It does that by connecting with end users’ Coinbase digital wallets.