On November 16, Coinbase announced its new open-source Onchain Payment Protocol to enhance the experience on Coinbase Commerce. This move is part of Coinbase’s vision to make payments faster, more cost-effective, and globally accessible. The update is based on the newly introduced open-source Onchain Payment Protocol. Coinbase envisions a future where onchain becomes the new online, democratizing access to information just like the internet did. Now, they aim to replicate this transformative impact with crypto, facilitating broader access to financial services and commerce.
The updated Coinbase Commerce product addresses challenges faced by merchants and consumers in dealing with crypto volatility and complexity of transactions. By leveraging the Onchain Payment Protocol, Coinbase aims to offer instant settlement, lower fees, and enhanced asset support. This will help improve the overall payment experience for merchants and customers.
Central to this update is the introduction of the Onchain Payment Protocol, a universal standard developed by Coinbase to unify and simplify onchain payments. This open-source solution ensures further clarity, reliability, and a consistent experience for users across different platforms and wallets. By making the protocol open source, Coinbase encourages other payment processors and businesses to build upon it.
Thousands of merchants globally have already trusted Coinbase Commerce to process billions of dollars in onchain payments. With this update, Coinbase seeks to provide a more seamless and user-friendly experience, making it easier for anyone with an internet connection to accept payments globally.
The new on-chain payments protocol benefits merchants with streamlined transactions, easy integration, low fees, instant settlement in numerous crypto assets, quick onboarding via platforms like WooCommerce, Primer, Jumpseller automatic conversion to USDC for volatility-free payments. Customers enjoy the flexibility of paying with their preferred wallet and currency across Base, Ethereum, and Polygon.
Hot Take
Coinbase’s new open-source Onchain Payment Protocol is set to revolutionize onchain payments by offering instant settlement, lower fees, enhanced asset support for merchants and customers alike. The move aligns with their vision of democratizing access to financial services and commerce through crypto technology. The protocol also aims to simplify onchain payments by unifying different platforms and wallets while fostering a more user-friendly experience for global users.
Source: Coinbase
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