Anyone Can Host a Crypto Exchange - Tim Draper Backed Startup Launches New Wordpress Plugin
There’s a new plugin available that gives people the ability to launch a cryptocurrency exchange on any WordPress-based website. The project called Wpcryptoexchange is a product created by the Tim Draper-backed startup Draper Goren Holm. With the plugin, anyone can launch a digital currency trading platform that allows people to swap various cryptos and also allows website owners to collect trading fees.
Now Anyone Can Host a Crypto Exchange on Their WordPress Website
A developer named Goren Holm has released a new WordPress (WP) plugin that makes it so anyone can create a crypto exchange on a WP-based site. Holm’s new release leverages open source software called the Totle application programming interface (API). The API makes it so website owners can allow swaps using various cryptocurrencies including ETH, DAI, BAT, and WBTC.
“Using Totle’s API, I created a way for anyone to add a decentralized crypto exchange to their WordPress website,” Holm’s webpage called wpcryptoexchange.com explains. “It’s as simple as installing the plugin and typing [wpdex] into any page or post on your WordPress site.”
The step-by-step directions for installing the wpcryptoexchange plugin is fairly self-explanatory, and only takes a few minutes to get started. Essentially, all you have to do is download the zip file and unzip it with the plugins admin on any WP website. Then you need to click the “add new button” at the top and select the “Crypto-Exchange.X.X.zip” file you downloaded and finally upload it to the back end. After that, you simply activate the plugin and type: “[wpdex] into a page or post on your site, you’ll have your own cryptocurrency exchange that will route the trades across all decentralized exchanges,” the developer’s website details.
Applications Like Exchange-Powered WordPress Plugins Can Further Decentralize the Crypto Trading Industry
The venture capitalist Tim Draper, the well known investor who predicts that one BTC will be worth $250K by 2024, partnered with Holm last year. Moreover during the last two years, noncustodial and decentralized exchange (dex) platforms have been extremely popular. Especially since the strong arm of regulation has been cracking down on the crypto industry worldwide.
With Holm’s application, it means anyone can launch a crypto trading platform on their site, with just a few instructions from the developer’s webpage. Further, the Totle API can also be installed as a small crypto exchange widget, which can allow trading as well. If anyone can simply create a dex application with ease and host it on their website, regulators will have a hard time stopping free-market crypto trades. Both Totle and the wpcryptoexchange protocol’s codebases are available for review, so people can also check the software’s code for any vulnerabilities.
What do you think about the wpcryptoexchange plugin? Let us know in the comments below.
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