Leading cryptocurrency exchange platform Coinbase has announced a new service aimed at improving access to cryptocurrency payment options.
According to the report, the plugin launched by Coinbase is for popular e-commerce platform WooCommerce e-commerce businesses.
WooCommerce is one of the leading e-commerce platforms out there in the market with a payment system available to 28% of the e-commerce sector (according to Coinbase).
Features of the Plugin
There are similar plugins available for the e-commerce giants such as CryptoWoo, however, the new plugin was launched with the moniker WooCommerce on Friday, August 3rd 2018.
With an already sizable chunk of all e-commerce sites to work with, the addition of WooCommerce (cryptocurrency payments via Coinbase) brings some new features to raise the standards.
According to Coinbase, WooCommerce can easily sync with the Coinbase’s ‘open financial system’, which is a P2P crypto network.
The Coinbase open financial system allows customer pays directly to the seller through their wallet without interacting with transaction costs punched in the form of merchant fees.
As at its launch, WooCommerce offers merchants the option of sending of Bitcoin (BTC) and Litecoin (LTC) directly from Coinbase’ commerce platform.
However, the merchant solution giants have confirmed that payments with Ethereum (ETH) and Bitcoin Cash (BCH) are currently being worked on.
In order to make payments easier and quicker on the WooCommerce, the payment merchants embedded a ‘Payment Button’ for crypto payments.
To increase the versatility of the plugin, the Payment Button was set to accept a range of payments from donations from any individual to buy tickets for any concert.
According to the WooCommerce platform, their own software has been downloaded more than 50 Million times, hence, the scope of crypto payments is quite large.
In addition to WooCommerce, Coinbase launched a React component which will allow React users to embed a Coinbase Commerce checkout in their application.
For ease of implementation, customers using the ‘React’ can now embed Coinbase Commerce checkout within the React application using Coinbase’s newly released React component.
Coinbase also integrated a Python Library for the Coinbase Commerce API. The full details of the plugin were posted on the Coinbase GitHub platform with tutorials on how to add it on the WordPress.
Coinbase working towards massive adoption
According to the figures cited by Coinbase, WooCommerce currently provides the payments system for more than 28 percent of all web stores.
The new e-commerce plugin launched by Coinbase now gives access to cryptocurrency payments from customers around the world.
Coinbase has been diligently leading the march for crypto adoption, the announcement comes just days after Coinbase opened up its exchange service to U.K. customers using pounds Sterling.
Coinbase now offers same-day deposits and withdrawals for U.K customers using the country’s Faster Payments system. In a blog post on Medium, Coinbase said about the new feature:
“THIS INCREASED ACCESS WILL LEAD TO MORE WIDESPREAD ADOPTION, AND ULTIMATELY, MOVES US CLOSER TO OUR GOAL OF AN OPEN FINANCIAL SYSTEM.”
The plugin is now available on the Coinbase Github, and Coinbase hopes that the majority of webstores will enable crypto payments to increase overall adoption.