Coinbase cryptocurrency exchange announced the launch of Coinbase Commerce, an add-on to the WordPress’ WooCommerce plugin, which would enable the addition of new features within the platform and make it easier for online retailers anywhere in the world to accept cryptocurrency payments.
Through information published in its corporate blog, the cryptocurrency exchange platform explains that Coinbase Commerce will incorporate other features, including the direct payment in Bitcoin (BTC) and Litecoin (LTC), with plans to also add Ethereum (ETH) and Bitcoin Cash (BCH), soon.
The notice states that with Coinbase Commerce payments will be equal to equal, which means that when customers mobilize funds from their digital wallet, they will be sent directly to the address controlled by the merchant being processed in the respective blockchain.
Therefore, they state that neither users nor merchants will have to pay commissions for the transactions they carry out, beyond that which is canceled directly to the network, while the participants will always maintain control of their money.
Coinbase commerce plugin targets to boost cryptocurrency adoption
All these innovations aim to promote the adoption of cryptocurrencies among online shops, to making the cryptocurrency payments system more widespread as part of e-commerce processes.
In this sense, Coinbase had taken several steps forward, since July 25th when it enabled service for the purchase of electronic gift cards with cryptos, which will be available to customers in some European countries. In this case, users will also not pay commissions for exchanging their digital assets for electronic gift cards.
The addition of cryptocurrency payments has also been the goal of other companies, such as the Coingate payment services portal, which launched a pilot program last month that will allow more than 100 online stores and sites to accept Bitcoin (BTC) payments using the Lightning Network (LN) micro-payment network to speed up the process.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.