Coinbase Unveils New Standard for Onchain Transactions

Coinbase Unveils New Standard for Onchain Transactions

Coinbase Commerce Update: Onchain Payment Protocol

Coinbase has made an notice about an upgrade to its commerce product, using the Onchain Payment Protocol. This update plans to simplify and standardize onchain payments. According to the company, this enhancement will address the issues of volatility and complexity associated with transactions. It intends to offer commercial clients a single setup and the  probable 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 likewise involves the automatic conversion of any digital currency into the USD Coin (USDC) stablecoin. Furthermore, it promises low fees for transfers and instant settlements in numerous digital currencies, real-time transaction confirmation, and support for Ethereum (ETH), Polygon, and Base blockchains.

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Coinbase Commerce Expansion and Enhancements

The Coinbase Commerce platform, launched in 2018, attempted to enable large merchants to accept cryptocurrency payments. The company reports that thousands of clients utilize the platform, expressing concerns about cryptocurrency market volatility. In the future, the platform intends to expand support for Solana (SOL) and Avalanche (AVAX) for United States retail traders.

Hot Take: Streamlined Onchain Payments for Merchants

The new upgrade to Coinbase Commerce marks a whole lot of step towards streamlining onchain payments for merchants. With the promise of volatility-free transactions, low fees, and instant settlements, this development could promote   wider adoption of digital currencies by commercial clients, in the end contributing to the mainstream acceptance of digital currencies in the worldwide market.

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