Coinbase Launches New On-Chain Payment Protocol
Leading U.S. crypto exchange Coinbase has rolled out an updated Onchain Payment Protocol for on-chain payments on various Ethereum Virtual Machine networks. This open-source protocol aims to simplify and standardize on-chain payments, providing volatility-free transactions and low fees for users.
Enhancing the On-Chain Payment Experience
The new protocol addresses common crypto transaction issues faced by merchants and customers by unifying on-chain payments, ensuring clarity, reliability, and a consistent experience. It also enables other businesses to build accessible gateways for on-chain payments.
According to Coinbase, on-chain is the new online, and crypto is democratizing access to financial services and commerce. The goal is to make payments faster, cheaper, and global, similar to how the internet revolutionized access to information.
Benefits for Merchants and Customers
The updated Commerce product provides several benefits, such as instant payment settlements for merchants and pre-configured payments and retail support for customers. It aims to address challenges related to crypto volatility and streamline the payment experience.
Coinbase’s Ongoing Innovations
Despite market challenges, Coinbase continues to innovate and release updates. The exchange recently launched Base, a growing layer-2 network on Ethereum, offering scalability and fast transaction processing. This demonstrates Coinbase’s commitment to advancing the crypto space.
Hot Take: Advancing On-Chain Payments in the Crypto Space
Coinbase’s new Onchain Payment Protocol represents a significant advancement in simplifying and standardizing on-chain payments. By addressing common transaction issues and providing benefits for both merchants and customers, Coinbase is driving innovation and accessibility in the crypto space with its latest protocol update.
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