Now, WooCommerce Merchants Can Accept Crypto Payments

In what may be considered a counterintuitive decision in light of the stunning implosion and fraud surrounding the collapse of digital currency trading platform FTX, WooCommerce and Coinbase have announced intentions to extend their crypto payments related to other companies.

In a news statement issued on Monday (November 21), the firms announced that with Coinbase Commerce, WooCommerce merchants can now accept crypto payments from customers wishing to pay for eCommerce goods using cryptocurrencies.

“We are always looking for new ways to get more people involved in the crypto economy. WooCommerce already allows merchants worldwide to accept online payments — and now they’ll be able to accept payments in crypto as well,” said Matt Watts, Coinbase’s head of business development, payments and platform.

“We look forward to building on our partnership with WooCommerce and finding even more ways to help customers and small businesses make crypto a part of their daily lives,” Watts said.

The agreement comes amid a continuous 75% decrease in the value of bitcoin as crypto exchanges struggle to cope with the repercussions.

This is the most recent partnership in a rising trend of crypto trading and payments organisations working with eCommerce platforms to include cryptocurrencies as a new payment option for eCommerce customers.

Airswift, a crypto payments firm, revealed on Monday (November 21) that it has expanded its crypto platform to other online shops, partly due to partnerships with Shopify and WooCommerce.

The U.S. Crypto Consumer, Cryptocurrency Use in Online and in-Store Purchases, also supports this eCommerce crypto payments trend as a legitimate and rising payment option.

A quarter of questioned customers favour retailers that take cryptocurrency, while more than a quarter of high-income consumers stated they would likely move to crypto-friendly merchants.