Launch Your Own Crypto Exchange with WordPress Plugin by Tim Draper

A new plugin for WordPress will allow any website to operate its own decentralized crypto exchange.

Best Rate

Decentralized blockchain startup Draper Goren Holm has released a dedicated plugin for WordPress that, when installed, allows any WordPress based website to create a simple crypto exchange option for their visitors and viewers. According to the plugin page, there is no more a need of blockchain software engineers or specialists. Anyone with the knowledge on how to operate a website through the popular back end software WordPress can use it according to Tim Draper,

“Decentralized, uncensorable crypto exchanges make us one step closer to the dream of a truly borderless world. How cool is it that everyone, not just engineers, can now launch their own crypto exchanges on WordPress using the plugin our team built.”

The plugin is a simple Application Programming Interface (API) that searches a range of crypto exchanges and selects the best rate for a visitor.

Your Own Exchange

For website owners and operators who wish to integrate the crypto exchange services, they can download the plugin here and follow the easy steps below:

• Log in to your WordPress account and access the back end of your website.
• Go to the plugins section in the WordPress menu.
• Click on the Add New
• Upload the crypto exchange plugin you downloaded earlier.
• When upload is complete, activate the plugin.
• Add the code [wpdex] to any page or post and publish.
• People who view the website will see a simple interface where they will enter their original token type and quantity, select their target token and will be quoted the best rate possible.
• The users can simply press the button below to connect their wallet and get the exchanged tokens directly without the need of any intermediary.

Why WordPress

Tim Draper is an old proponent of blockchain and cryptocurrencies. He believes in decentralization and the power of Bitcoin and other digital currencies. Alon Goren, the founding partner of Draper Goren Holm, who himself created the plugin, shares the same sentiment and explains why the firm selected WordPress to create the crypto exchange plugin,

“WordPress powers 35% of the web and is undeniably the easiest, most customizable solution for anyone to power their websites. Until today, nobody had made it this easy to add crypto-trading features to WordPress”

The plugin will be having new features in the future, with plans to allow website owners to run proper exchanges and add new monetization streams by charging for the token conversions.

Is it Legal?

Although the plugin makes it really easy for website owners to run their own little exchange, the decentralized exchange (DEX) model the plugin is based on does not account for local laws such as Anti Money Laundering (AML) or Know Your Customer (KYC) regulations. Depending upon the region and location, it can be illegal to run an exchange, because either cryptocurrencies and their dealings are out rightly banned, or there is a license required to run as a money exchange and transmitter. A bit of clarification on this will go a long way for the plugin adoption.