Top US Crypto Exchange Introduces New Payments Protocol
Major US-based cryptocurrency exchange Coinbase has announced the introduction of a new on-chain payments protocol. This new update is designed to make on-chain payments cheaper and faster for consumers. In a recent blog post, Coinbase states that the open-source update will enhance clarity, reliability, and consistency for all users, greatly improving the payment process for both merchants and customers.
The company believes that on-chain payments are the future of online transactions. Just as the internet democratized access to information, crypto is doing the same with broader access to financial services and commerce. The new protocol offers instant settlement, low fees, and broad asset support to enhance the overall payment experience.
Merchants will benefit from simplified onboarding, volatility-free conversions, and the ability to allow customers to pay using their preferred wallet and/or digital asset. Coinbase CEO Brian Armstrong has previously noted that crypto firms could become the tech giants of tomorrow as blockchains are transforming people’s lives just as the internet did decades ago.
Hot Take
Coinbase’s new on-chain payments protocol sets a new standard for the industry, making transactions more accessible and efficient for users, merchants, and customers alike. This update aligns with the company’s vision of making payments faster, cheaper, and globally accessible, further supporting the widespread adoption of cryptocurrency as a legitimate form of payment. As the industry continues to evolve, innovations like this will continue to drive mainstream acceptance and usage of cryptocurrency for everyday transactions.
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