Coinbase introduces a new on-chain payment protocol

Coinbase introduces a new on-chain payment protocol

Coinbase Launches New On-Chain Payment Protocol

Leading United States cryptocurrency exchange Coinbase has rolled out an updated Onchain Payment Protocol for on-chain payments on numerous Ethereum (ETH) Virtual Machine networks. This open-source protocol intends 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 cryptocurrency transaction issues faced by merchants and customers by unifying on-chain payments, ensuring clarity, reliability, and a consistent experience. It likewise enables other enterprises to build accessible gateways for on-chain payments.

According to Coinbase, on-chain is the new online, and cryptocurrency is democratizing access to financial services and commerce. The goal is to make payments quicker, cheaper, and worldwide, similar to how the internet revolutionized access to information.

Advantages for Merchants and Customers

The updated Commerce product provides plenty of advantages, such as instant payment settlements for merchants and pre-configured payments and retail support for customers. It intends to address challenges related to cryptocurrency volatility and streamline the payment experience.

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Coinbase’s Ongoing Innovations

Regardless of market challenges, Coinbase continues  to innovate and release updates. The exchange recently launched Base, a growing layer-2 network on Ethereum (ETH), offering scalability and fast transaction processing. This demonstrates Coinbase’s commitment to advancing the cryptocurrency space.

Hot Take: Advancing On-Chain Payments in the Cryptocurrency Space

Coinbase’s new Onchain Payment Protocol represents a whole lot of advancement in simplifying and standardizing on-chain payments. By addressing common transaction issues and providing advantages for both merchants and customers, Coinbase is driving innovation and accessibility in the cryptocurrency space with its latest protocol update.

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