Coinbase, a prominent cryptocurrency exchange based in the US, has unveiled a new project with the goal of promoting crypto as a viable payment option for small businesses.

In an announcement, Coinbase revealed its partnership with Slice, a platform for ordering pizza, to launch a special giveaway that aims to support small businesses financially.

This initiative, running until June, provides customers with 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 like pizzerias are the heart of our communities. However, steep transaction fees and lengthy processing times often make it challenging for them to thrive.”

The exchange introduced this initiative after conducting research that highlighted how intermediaries like traditional financial institutions and payment applications contribute to high costs, limited accessibility, and delays within the current system.

“Both consumers and small businesses using the system are required to pay, wait, and pay again as their funds navigate through intermediaries who tack on fees and time-consuming processes,” Coinbase stated.

In 2022, merchants reportedly spent over $126 billion in fees to process credit card transactions, costs that could have been significantly reduced if they had utilized blockchain technology.

Coinbase also noted that consumers could have saved an average of $600 per household by using cryptocurrency.

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