In what could be seen as a contrary move in light of the dramatic implosion and fraud surrounding the collapse of digital currency exchange FTX, WooCommerce and Coinbase have announced plans to expand their crypto payment partnership to more businesses.
In a Monday (November 21) Press releasethe companies said that thanks to Coinbase Commerce, WooCommerce merchants can now accept crypto payments from consumers who want to pay for their online purchases this way.
“We are always looking for new ways to involve more people in the cryptoeconomy. WooCommerce already enables merchants around the world to accept payments online – and now they will also be able to accept payments in crypto,” said Matt WattsHead of Coinbase Business Development, Payments and Platform.
“We look forward to strengthening our partnership with WooCommerce and finding even more ways to help customers and small businesses integrate crypto into their daily lives,” Watts said.
The partnership comes amid a continued 75% drop in the Bell Weather Bitcoin cryptocurrency as fight against crypto exchanges with the fallout.
This is the latest team in a growing trend of crypto trading and payment companies partnering with e-commerce platforms to integrate crypto as a new payment method for e-commerce shoppers.
On Monday (November 21), crypto-payments company Airswift announcement that it has opened up its crypto platform to more online merchants, in part through collaboration with Shopify and WooCommerce.
A PYMNTS research report from April, “The American Crypto Consumer: Use of Cryptocurrency in Online and In-Store Purchases“, also supports this trend of e-commerce crypto payments as a growing and viable payment method.
The report found that a quarter of consumers surveyed prefer merchants that accept cryptocurrencies, and more than a quarter of high-income consumers said in the report that they would be willing to switch to crypto-enabled merchants. cryptocurrencies for their purchases.