The cryptocurrency adoption news keeps gushing this week, starting from Wall Street to Australia, and currently San Francisco. The latest announcement of Coinbase heralds a WooCommerce plugin that will easily accept Bitcoin and Litecoin as the payment options on any WooCommerce-powered site. This announcement was mentioned in a blog post made by official Coinbase account.
Coinbase WooCommerce Plugin Accepts Cryptocurrency
Coinbase, the US-based largest cryptocurrency bank is looking to expand its commerce section. The main aim behind this is more online merchants to get comfortable with cryptocurrency.
Coinbase Commerce is a cryptocurrency payment provider, which is working on a series of initiatives to support cryptocurrency commerce, including a WooCommerce plugin. This is basically to give the traders an alternative to adopting cryptocurrency directly with many new capabilities. The platform believes the grown access will definitely support the cryptocurrency adoption with an open financial system.
WordPress-powered WooCommerce plugin is the popular e-commerce platforms on the web. This platform currently supports over 28 percent of online stores which accepts cryptocurrency from merchants worldwide. Anyone can now install the WooCommerce payment gateway directly from GitHub; just download the zip file of the repository.
The announcement blog post says:
“Note that 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 Provides Additional Functionalities
Meanwhile, Coinbase recently announced the WooCommerce plugin that allows transferring Bitcoin and Litecoin directly from Coinbase Commerce using an easy-to-use payment button. Meanwhile, the company is working on the support for Bitcoin Cash and Ethereum as well.
They have also introduced a “React” payment button installed on their website for cryptocurrency payments. The purpose is applicable to the merchant looking to accept donations for an open source project and who wants to sell tickets to an event. Using this React payment button the merchants can embed a Coinbase Commerce checkout from the React application.
Coinbase further launched API for Python library. WooCommerce plugin library is currently accessible within 10 lines of code for React and Python as well. However, Coinbase says that they are currently building the client libraries for Ruby, Node.js, and PHP.
All payments associated with Coinbase Commerce will allow users to transfer funds directly to a merchant-controlled cryptocurrency address using their cryptocurrency wallet. Users do not incur transaction fees while accepting payments and holds entire control over their funds.
Competition in the Market
As Coinbase is focusing to keep their merchants happy with all possible reliability and assessment, there are many such moves which made it exceptional from the race held this year. Coinbase has shown involvement with the institutional financial products.
They are also ready to launch the crypto index fund, gobbling up licenses including Bitlicense. The company has the hold of Paradex exchange and is also planning a move into Japan.
There are companies that recently entered the retail market with Bakkt, following Microsoft and Starbucks. While space is gushing, Coinbase holds a stance to the built-in advantage of being the early mover in the ecosystem. However, the platform has already achieved positive brand identification, amongst the trusted systems and owns the host of licenses.