Coinbase launches plugin for WooCommerce

Coinbase launches plugin for WooCommerce

Cryptocurrency exchange and Bitcoin wallet Coinbase Commerce has introduced a new plugin for a widely-used e-commerce platform seen to boost the number of online stores accepting cryptocurrency payments.

The plugin, according to Coinbase Commerce, would enable any web store on the WooCommerce platform to accept Bitcoin and Litecoin as payment methods. The San Francisco-headquartered firm also said that it is currently working on adding support for Bitcoin Cash and Ethereum.

WooCommerce is an open source, e-commerce plugin of WordPress. There are more than 1.5 million active users of the platform and the number is growing as the e-commerce sector further grows.

The said plugin has been posted on software development platform GitHub. It comes after Coinbase also announced support for the British Pound.

Coinbase explains plugin impact

In a recent blog post, Coinbase explained the the new plugin will impact cryptocurrencies. It wrote that the plugin powers close to 28% of online stores and now gives those websites the ability to accept cryptocurrency payments from anyone around the world.

It said that the increased access should push for more adoption of cryptocurrencies and help achieve the goal of open financial system.

Coinbase: Facilitating peer-to-peer payments

Coinbase  prides itself for providing peer-to-peer  payments meaning that when a customer sends payment, it is directly transferred into the wallet of the merchant. The merchant won’t have to pay any transaction fee aside from enjoying complete control over the funds.

It should be noted that the company is not a pioneer in rolling out this type of plugin. But the WooCommerce plugin is an integral step towards efforts to make cryptocurrency payment easy and more convenient.

Moreover, most people who are into cryptocurrency are more inclined to hold on to their virtual currencies than spend it. Perhaps the introduction of more crypto payment options can encourage them to spend more.