Coinbase, a leading cryptocurrency exchange based in the US, has unveiled a new project that aims to promote the use of crypto as a payment option for small businesses.

In a recent announcement, Coinbase revealed that it has partnered with Slice, a platform for ordering pizza, to launch a special giveaway campaign that will support small businesses financially.

Running until June, this initiative offers customers the opportunity to win 1 Bitcoin (BTC) each for themselves and the pizza shop when they order from a participating store and scan the QR code on the pizza box.

According to Coinbase, “Small businesses such as pizzerias are the backbone of our communities. However, hefty transaction fees and lengthy processing times often make it challenging for them to thrive.”

The exchange decided to launch this project after conducting research that highlighted how intermediaries like traditional financial institutions and payment apps make the system costly, difficult to access, and prone to delays.

“Both consumers and small businesses using the current system must pay multiple times and endure delays as their money passes through intermediaries who add fees and time to the process,” stated Coinbase.

In 2022, merchants reportedly spent over $126 billion on fees for processing credit card transactions, a cost that could have been significantly reduced if blockchain technology had been utilized.

Furthermore, Coinbase estimates that consumers could have saved approximately $600 per household by using crypto.

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