New WordPress Plugin Allows Anyone to Launch a Decentralized Crypto Exchange

Blockchain startup incubator, Draper Goren Holm, launched what it claims to be the first crypto decentralized exchange, or DEX, plugin for leading website backend software, WordPress.

According to an April 22 announcement, the plugin is “the easiest way for anyone, not just engineers, to launch their own cryptocurrency exchange.” Venture capitalist Tim Draper commented:

“Everyone, not just engineers, can now launch their own crypto exchanges on WordPress using the plugin our team built.”

With the plugin, websites can now feature an on-site DEX that allows users to exchange between a long list of cryptocurrencies, tokens, and stablecoins. At the same time, the website owner can also earn fees for the service.

A DeFi aggregation service

The plugin’s backend uses the application programming interface, or API, of decentralized finance, or DeFi, aggregator, Totle. By using this service’s API, the plugin searches for the best exchange prices in the DeFi ecosystem, and chooses accordingly which one to use. Draper Goren Holm founding partner, Alon Goren, explained that wordpress was chosen because of its overwhelming popularity:

“WordPress powers 35% of the web and is undeniably the easiest, most customizable solution for anyone to power their websites.”

The DeFi space is seeing notable developments at an increasing rate. The CEO of blockchain firm, Trustology, recently said that he believes DeFi protocols could soon emerge as the world’s dominant liquidity pool if scaled effectively.