WooCommerce supports crypto payments following Coinbase partnership

WooCommerce has added cryptocurrency payments support to its ecommerce platform following a partnership with Coinbase Commerce

WooCommerce has added cryptocurrency payments support to its ecommerce platform following a partnership with Coinbase Commerce. Through this partnership, WooCommerce customers will be able to pay using cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, USD Coin, or DAI.

According to coinbase. com, WooCommerce is powering 25% of the top million online stores, and it allows millions of businesses to sell and manage orders online. As for the Coinbase Commerce platform, it specialises in helping merchants anywhere in the world to accept cryptocurrency payments.

Apart from getting paid in crypto, merchants can also access powerful tools for crypto integration and business analysis. Regarding the partnership with WooCommerce, Coinbase officials revealed that they are always looking for new ways to get more people involved in the crypto economy and that they look forward to finding even more ways to help customers and small businesses make crypto a part of their daily lives. Online merchants and cryptocurrency adoption According to a study by Deloitte,  merchants have taken note of their customers’ needs and believe that many currently have a significant interest in using digital currencies for payments.

That’s why nearly 75% reported plans to accept stablecoin payments and almost the same reported plans to accept cryptocurrency payments within the next 24 months. Almost all of the respondents agreed that the use of digital currencies for everyday purchases will increase over the next few years. However, merchants also report concerns and barriers to adoption and execution challenges.

The report suggests that some of these concerns could be addressed through impactful conversations regarding the aspects of the technology and its implementation. Other developments from Coinbase in 2022 In November 2022, Coinbase has launched Easy Bank Transfers, which made it one of the first crypto platforms to offer payments powered by Open Banking. In order to achieve this goal, Coinbase has used the payments infrastructure offered by TrueLayer, an Open Banking provider, to make its Easy Bank Transfers available in the UK, where over six million people regularly rely on the technology to manage their finances.

In September 2022, Coinbase has partnered with US-based Broadridge to enable interoperability between Coinbase Prime and the NYFIX order-routing network. Through the partnership, NYFIX clients can route order flow to Coinbase Prime via FIX, an industry-standard protocol. In addition, buy-side traders can source crypto liquidity from Coinbase and trade right from their order management systems (OMS).

Officials from Broadridge Trading and Connectivity Solutions have stated in the company press release that Coinbase’s access to liquidity and NYFIX’s extensive market reach can help the two companies integrate more than two thousand clients in order to bring crypto trading to the institutional market. .

Nov 22, 2022 13:18
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