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In an announcement on Thursday, November 16, crypto exchange Coinbase announced its new open-source Onchain Payment Protocol to improve the experience on Coinbase Commerce.
Enhancing Coinbase Commerce Experience
The recent development is a pivotal step in Coinbase’s vision of making payments faster, more cost-effective, and globally accessible. Also, this update is based on the newly introduced open-source Onchain Payment Protocol.
Coinbase envisions a future where onchain becomes the new online, akin to how the internet dismantled barriers and democratized access to information. 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 such as dealing with crypto volatility and consumers navigating the complexities of crypto transactions. Thus, by leveraging the Onchain Payment Protocol, Coinbase aims to offer instant settlement, lower fees, and enhanced asset support. This will also help in improving the overall payment experience for merchants and customers alike.
The Magic of On-chain Payment Protocol
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, fostering the development of accessible and user-friendly gateways to onchain payments.
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 and customers alike. Merchants benefit from streamlined on-chain transactions with easy integration, low fees, and instant settlement in numerous crypto assets. Quick onboarding via platforms like WooCommerce, Primer, and Jumpseller, automatic conversion to USDC for volatility-free payments, and support for various currencies on Base, Ethereum, and Polygon enhance customer experience. The protocol ensures instant, error-free payments, reducing decline rates and chargeback risks compared to traditional methods.
Customers enjoy the flexibility of paying with their preferred wallet and currency across Base, Ethereum, and Polygon. With pre-configured payments, there’s no need for manual data entry. Besides, Commerce provides effortless checkout for Coinbase’s verified users and ensures instant payment confirmation through real-time transaction validation.
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