Friday, September 21st, 2018
Coinbase is always trying to ease things for digital currency fanatics— both merchants and buyers. Recently, it launched a plug-in that enables the web merchant to start taking cryptocurrency from customers.
All online stores in the WooCommerce platform can use the software. And according to Next Web, the WooCommerce platform supports over 28% of all web-based businesses.
“When a buyer sends funds from their digital currency wallet, it is transferred directly to a retailer-controlled cryptocurrency address where it is processed on-chain by that particular blockchain,” said Coinbase in a statement. “This will eliminate transaction fees for merchants and ensure they stay in total control of their finances.”
What’s more, the plug-in is incorporated into Coinbase’s P2P crypto network known as the “open financial system.”The point is to enable buyers to pay retailers directly via their digital wallets so that the web stores can pass up merchant fees.
Currently, retailers can only initiate bitcoin and litecoin transactions, but digital payment expert said it would soon launch bitcoin cash and ethereum payment support systems.
The announcement follows the rumor that Coinbase had plans to acquire Keystone Capital, a California-based securities dealer, a deal that will open doors for the company to operate an alternative trading system.
So far, Coinbase allows crypto enthusiasts to trade a wide range of crypto forms. The firm says it looks forward to “providing future services that comprise crypto securities trading, margin and over-the-counter trading.”
Coinbase has not made clear the terms of the deal. The cryptocurrency experts will have to wait for the “go-ahead” from regulators to begin operating under Keystone’s licenses. However, Coinbase through its COO, Mr. Asiff Hirji said the company will still need some months (after the approvals or not) to incorporate Keystone’s functions.
Market analysts pinpoint Initial coin offerings (ICOs) as a profitable area to venture into — the sector has made up to $13 billion since the start of last year. Setting up a proper locale ICOs to be traded is Coinbase’s primary goal — but two other companies, Robinhood and Circle also have big ambitions in the cryptocurrency world. Robinhood is a FINRA-certified broker-dealer who joined the cryptocurrency trade just recently.
The bottom line
The ability to transact digital currencies directly is a game changer for merchants and crypto lovers. Hopefully, Coinbase’s plug-in will mark a good start for retailers and their customers.
Topics discussed in this article:
- Coinbase
- cryptocurrency payments
- web-merchant