E-commerce platform provider WooCommerce is partnering with DePay, a decentralized-payment processor, to enable its sellers to accept cryptocurrency directly to a crypto wallet for immediate settlement. Intermediaries that credit the merchant’s account after processing a crypto transaction would be eliminated. DePay supports tens of thousands of cryptocurrency tokens and their corresponding blockchains, while providing on-the-fly conversion, the company says.
Founded in 2020 in Switzerland, DePay says it works with all exchangeable cryptocurrency asset classes to increase the number of available cryptocurrencies and tokens eligible for payment. In June, the company struck a similar deal with e-commerce platform provider Shopify Inc..
WooCommerce, an open-source e-commerce plugin for the WordPress online utility, is estimated to have more than 1.5 million sellers on its platform worldwide.
“DePay makes … crypto payments as straightforward as possible for merchants and their customers, without requiring a custodial approach,” David Lockie, Web3 lead for WooCommerce parent Automattic Inc., says in a prepared statement. “We wanted to offer WooCommerce merchants a wide range of crypto-payment providers and were instantly impressed by DePay’s flexibility across chains and coins.”
DePay’s payment solutions include payment processing, various payment subscriptions, tokenized payrolls, and associated loans. To ensure the lowest-cost transactions, DePay says it routes payments through the least-costly exchange in real-time.