Coinbase is making announcements faster than light these days! The latest one of them being is that they have combined with WooCommerce to provide a better shopping experience. Yes, you have been thinking right. Coinbase the cryptocurrency exchange platform has combined with WooCommerce to provide shopkeepers with a method to accept a majority of the cryptocurrency as their payment methods. Users who shop at these shops may have an option to pay using cryptocurrency to the shops. The money will be transferred to the user’s Coinbase account which can be managed later on.
In a blog post, it was revealed that the Coinbase Commerce, a small startup inside the company has been providing cryptocurrency as payment methods for the merchants. Now, they have combined with WooCommerce to provide the shopkeepers with a way to accept cryptocurrency payments.
WooCommerce New Payment Method
WooCommerce is a famous platform which is being used by the majority of the webstores available on the internet. For statistics, it is said that 28% of the webstores function using WooCommerce. But, when it is looked deeply, nearly 40% of the stores use the platform to sell their products. In such case, having a new payment method added up will only provide benefits to these shops. People will have a variety of options to pay for the products they are buying as Coinbase Commerce will accept a majority of cryptocurrency.
Coinbase Commerce New Plugin
The plugin has been made available on the GitHub for users and programmers to use it. The plugin is part of an ‘open financial system’ which is a peer-to-peer payment network. It is primarily used for cryptocurrencies. There will be no additional fees involved since the clients will be sending the money directly to the owner’s wallet. Coinbase said that “When customers use the payment method, the cryptocurrency will be transferred directly to the merchant’s personal account. The merchant will never be asked to pay transaction fees for accepting these payments”.
For the start, the users will be able to pay using Bitcoin and Litecoin. The merchants can add the option by simply placing the button on their WordPress shopping website. Coinbase said that they will be including more payment options later on.
Coinbase Commerce, the cryptocurrency payment startup has already established itself with Shopify way back. Taking the plugin to WooCommerce will let them establish the plugin to many other merchants too.
Coinbase has been trying a lot to establish themselves and make a global presence. In doing so, they are trying a lot for that. The new plugin will only help the merchants to sell their products to a wide range of audience. Since cryptocurrency wallets are a peer-to-peer network, there will not be security issues too. Hence, it will build trust among the users and the merchants. And so, people will be able to use their cryptocurrency for buying goods they like.