Coinbase Commerce released a new update that allows the integration of WooCommerce, an e-commerce plugin for WordPress. Other features in the update include functionality to send Bitcoin [BTC] and Litecoin [LTC] directly from the Commerce app.
This comes as a part of Coinbase Commerce’s presentation as a non-custodial payment solution provider with support for cryptocurrencies.
Reportedly, the WooCommerce plugin powers over 28% of all online stores, which makes it a sizeable market entry for Coinbase. These online stores now have access to worldwide payments in cryptocurrencies with Coinbase. In their own words:
“This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system.”
They have released details of the WooCommerce plugin support on their Github page.
New features have been added to the app that allows users to send Bitcoin and Litecoin from the app, with the team “working hard” on doing the same for Ethereum [ETH] and Bitcoin Cash [BCH].
Commerce is also releasing a Python library for its API, with additional libraries under construction for Node.js, Ruby and PHP. This is in line with their intention to increase adoption of cryptocurrencies in an accessible manner.
They ended their announcement with reassurances to the users that all payments made through the platform are peer-to-peer, which results in a wallet-to-wallet payment. This, they state, allows merchants to not pay fees to accept a transaction and gives them “complete control” over their funds.
Elias Yami, a cryptocurrency analyst, stated on the move:
“The Coinbase Commerce app allows for a two-fold strategy implementation for the service. Added support for users to integrate cryptocurrencies with existing payment solutions will not only increase adoption but also ensure it occurs through Coinbase Commerce. Moreover, the increasing occurrence of Coinbase’s name in US markets will drive adoption further.”
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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.
Yang said on Twitter,
“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”
On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.
The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.
Fang, a Twitter user, said,
“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”
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