Coinbase Partners With e-Commerce Platform WooCommerce
Coinbase has released a new plugin for WooCommerce webstores. This plugin enables websites to easily accept cryptocurrency. WooCommerce webstores are powered by WordPress; it’s believed that nearly 40% of online stores use it for their business.
This development is part of Coinbase's “open financial system”, a P2P payment platform for cryptocurrencies. There are no additional fees, as users interact with each other directly. According to the company’s press release: “When customers send money from their cryptocurrency wallet it’s sent directly to a merchant-controlled cryptocurrency address and processed on-chain by the respective blockchain. This means merchants never have to pay transaction fees to accept payments and always remain in complete control over their funds.” The WooCommerce plugin allows stores to accept crypto payments by adding a button to their WordPress page.
This is not the first time Coinbase Commerce has integrated a webstore platform into its network. Shopify's collaboration started in 2014 when it adopted Bitcoin. WooCommerce, however, claims a userbase 6 times bigger than that of Shopify.