WooCommerce Merchants Can Now Accept Crypto Payments

In what could be seen as a contrarian move in light of the dramatic implosion and fraud surrounding the collapse of digital currency trading exchange FTX, WooCommerce and Coinbase have announced plans to expand their crypto payments partnership to more businesses.

In a Monday (Nov. 21) press release, the companies said that through Coinbase Commerce, WooCommerce merchants can now accept crypto payments from consumers looking to pay for their eCommerce purchases that way.

“We are always looking for new ways to get more people involved in the cryptoeconomy. WooCommerce already allows merchants all over the world 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 partnership comes amid a continued 75% decline in cryptocurrency bell weather bitcoin as crypto exchanges struggle with the fallout.

This is the latest team-up in a growing trend of crypto trading and payments companies partnering with eCommerce platforms to integrate crypto as a new payment method for eCommerce shoppers.

On Monday, (Nov. 21), crypto payments company Airswift announced that it has opened up its crypto platform to more online merchants, thanks in part to collaboration with Shopify and WooCommerce.

An April PYMNTS research report, “The U.S. Crypto Consumer: Cryptocurrency Use in Online and in-Store Purchases,” also supports this eCommerce crypto payments trend as a growing and viable payment method.

The report found that a quarter of polled consumers prefer merchants that accept cryptocurrencies, and more than one quarter of high-income consumers said in the report that they would be willing to switch to crypto-friendly merchants for their purchases.