Coinbase Commerce Update: Onchain Payment Protocol
Coinbase has made an announcement about an upgrade to its commerce product, using the Onchain Payment Protocol. This update intends to simplify and standardize onchain payments. According to the company, this enhancement will address the issues of volatility and complexity associated with transactions. It aims to offer commercial clients a single setup and the ability to integrate with platforms like WooCommerce, Primer, and Jumpseller.
“This enhancement offers merchants volatility-free payments, low transaction fees, and instant settlement across hundreds of currencies, available on Base and other EVM networks.”
Coinbase blog
The protocol also involves the automatic conversion of any cryptocurrency into the USD Coin (USDC) stablecoin. Moreover, it promises low fees for transfers and instant settlements in various cryptocurrencies, real-time transaction confirmation, and support for Ethereum, Polygon, and Base blockchains.
Coinbase Commerce Expansion and Enhancements
The Coinbase Commerce platform, launched in 2018, aimed to enable large merchants to accept crypto payments. The company reports that thousands of clients utilize the platform, expressing concerns about crypto market volatility. In the future, the platform plans to expand support for Solana and Avalanche for US retail traders.
Hot Take: Streamlined Onchain Payments for Merchants
The new upgrade to Coinbase Commerce marks a significant step towards streamlining onchain payments for merchants. With the promise of volatility-free transactions, low fees, and instant settlements, this development could encourage wider adoption of cryptocurrencies by commercial clients, ultimately contributing to the mainstream acceptance of digital currencies in the global market.
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