Coinbase E-commerce Plugin Brings Cryptocurrency Closer to Mass Adoption

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Coinbase E-commerce Plugin Brings Cryptocurrency Closer to Mass Adoption
Coinbase says its e-commerce plugin would lead to widespread adoption of cryptocurrency and ultimately, bring the world closer to an open financial system. Photo Credit: bluehorizonestate

Foremost cryptocurrency exchange Coinbase has launched a new plugin that enables cryptocurrency payments for e-merchants anywhere in the world.

“We’ve been hard at work the past few weeks and are happy to announce a WooCommerce plugin and a few other new features,” Coinbase announced in a blogpost on Friday. According to the statement the new e-commerce plugin would make it possible for merchants to accept cryptocurrencies as payment methods on any WooCommerce-powered site.

The plugin allows users to transfer bitcoin and litecoin directly from Coinbase via WooCommerce with an easy-to-use payment button. WooCommerce, which is powered by WordPress, one of the most popular e-commerce platforms on the web. Industry reports estimate that it is integrated with about 30% of all online stores.

According to Coinbase, the e-commerce plugin named Coinbase Commerce would lead to widespread adoption of cryptocurrency and ultimately, bring the world closer to an open financial system, adding that merchants never have to pay transaction fees for sales processed via the plugin.

“All payments made through Coinbase Commerce are truly peer-to-peer… 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.”

Coinbase said further that the plugin is currently only enabled for sending Bitcoin and Litecoin but it hopes to add support for Ethereum and Bitcoin Cash in the near future.