Coinbase Introduces Onchain Payment Protocol for a Revolutionary Payment Experience
Coinbase has introduced the open-source Onchain Payment Protocol on Coinbase Commerce, aiming to revolutionize the payment experience. This development signifies a significant step towards faster, more cost-effective, and globally accessible cryptocurrency payments. On the other hand, the move is seen as preparation for a bull season.
Similar to the revolution the internet brought to access to information, Coinbase envisions a future where onchain becomes the new standard for online transactions. With this update, Coinbase provides a seamless cryptocurrency payment experience, aiming to break down barriers in financial services and commerce and amplify this transformative impact.
The Onchain Payment Protocol addresses significant challenges faced by investors such as cryptocurrency volatility and simplifies complexities encountered by consumers in crypto transactions. By leveraging this protocol, Coinbase promises instant payments, lower fees, and enhanced asset support, thus improving the payment experience for both merchants and customers.
At the core of this update lies the introduction of the Onchain Payment Protocol developed by Coinbase to unify and streamline onchain payments, which is a universal standard. This open-source solution will provide 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 contribute and also promotes the development of accessible and user-friendly gateways for onchain payments.
Globally, thousands of merchants already rely on Coinbase Commerce to process billions of onchain payments. With this update, Coinbase aims to facilitate global payment acceptance for anyone with an internet connection, providing a seamless and user-friendly experience.
Merchants continue to benefit from easy integration, low fees, and instant onchain transactions across various cryptocurrency assets. Platforms like WooCommerce, Primer, and Jumpseller enable quick onboarding, automatic conversion to USDC for payments free from volatility, and support for a variety of currencies in Base, Ethereum, and Polygon, enhancing the overall customer experience. The protocol ensures instant, error-free payments while reducing rejection rates and payment risks compared to traditional methods.
Customers have the flexibility to make payments with their preferred wallet and currency in Base, Ethereum, and Polygon. Pre-configured payments eliminate the need for manual data entry. Coinbase Commerce thus provides effortless payment options for real users. Additionally, it enables instant payment confirmation through real-time transaction verification.