Tim Draper-backed venture studio has launched a WordPress plugin to facilitate cryptocurrency exchange features to any website.
Dubbed WordPress Cryptocurrency Exchange, the plugin can be installed on any website running on WordPress content management system (CMS), allowing the addition of crypto trading features or even creating an entire exchange.
Though promoted as a crypto exchange, the plugin uses an API of Totle, an open-source decentralized exchange, to facilitate the trading features. The plugin routes the trade orders to the decentralized exchange, enabling the website owner to collect the fees for order execution.
The website owners can also offer swap services with digital currencies including ETH, DAI, BAT, and WBTC.
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Totle can be used to facilitate an array of services including the execution of crypto swaps, sending payments, fetching price data on asset pairs, and query exchanges.
“Using Totle’s API, I created a way for anyone to add a decentralized crypto exchange to their WordPress website,” the official website of the plugin stated. “It’s as simple as installing the plugin and typing [wpdex] into any page or post on your WordPress site.”
Embracing the decentralized functionalities
The plugin or the decentralized exchange does not have any storage facility for cryptocurrencies, making it secure for users as they need to use their personal wallet platforms.
Draper became a partner at Goren Holm in 2019, rebranding it as Draper Goren Holm. The venture studio invested in a number of blockchain startups including Casper Labs, Blockchain Summit, and Ownera. Notably, Totle is also included in the venture studio’s portfolio.
The plugin might enable a large number of websites to facilitate crypto trading as around 35 percent of the internet is using WordPress CMS. WordPress has also been accepting payments in Bitcoin since 2015.