Coinbase Unveils Onchain Payment Protocol for Enhanced Crypto Commerce Experience
Crypto News – In a significant announcement on Thursday, November 16th, leading cryptocurrency exchange Coinbase unveiled its latest innovation: the open-source Onchain Payment Protocol, designed to enhance the user experience on Coinbase Commerce.
Elevating the Coinbase Commerce Experience
This recent development marks a pivotal stride in Coinbase’s ongoing mission to make payments faster, more cost-effective, and globally accessible. Built upon the newly introduced open-source Onchain Payment Protocol, Coinbase envisions a future where onchain becomes the new online, akin to how the internet broke down barriers and democratized access to information. Now, they aspire to replicate this transformative impact within the realm of cryptocurrencies, thereby facilitating broader access to financial services and commerce.
The updated Coinbase Commerce product squarely addresses the challenges confronted by merchants, including the volatility inherent in cryptocurrencies, and the complexities consumers face when navigating crypto transactions. Leveraging the Onchain Payment Protocol, Coinbase aims to offer instant settlement, reduced fees, and expanded asset support, thereby significantly improving the payment experience for both merchants and customers.
Unlocking the Potential of the On-chain Payment Protocol
At the heart of this update lies the introduction of the Onchain Payment Protocol, a universal standard meticulously developed by Coinbase to harmonize and simplify onchain payments. This open-source solution guarantees enhanced clarity, reliability, and a consistent user experience across various platforms and wallets. By making this protocol open source, Coinbase extends an invitation to other payment processors and businesses to build upon it, fostering the development of accessible and user-friendly gateways to onchain payments.
Coinbase Commerce, a trusted choice for thousands of merchants worldwide, has already processed billions of dollars in onchain payments. With this latest update, Coinbase aims to provide a more seamless and user-friendly experience, making it effortlessly possible for anyone with an internet connection to accept payments on a global scale.
Benefits of the New On-chain Payments Protocol
The advantages of the new on-chain payments protocol extend to both merchants and customers. Merchants stand to benefit from streamlined on-chain transactions with easy integration, reduced fees, and instantaneous settlement in a wide range of cryptocurrencies. The protocol facilitates swift onboarding through platforms such as WooCommerce, Primer, and Jumpseller, automatic conversion to USDC for stability in payments, and offers support for various currencies on Base, Ethereum, and Polygon, thereby enhancing the overall customer experience. Moreover, the protocol ensures immediate, error-free payments, which in turn reduces the rates of declined transactions and mitigates chargeback risks compared to traditional methods.
Customers, on the other hand, enjoy the flexibility of paying with their preferred wallet and cryptocurrency across Base, Ethereum, and Polygon. With pre-configured payment options, manual data entry becomes unnecessary. Furthermore, Coinbase Commerce simplifies the checkout process for its verified users, providing instant payment confirmation through real-time transaction validation.
In conclusion, Coinbase’s Onchain Payment Protocol represents a significant step forward in addressing the challenges of crypto volatility and complexity, ultimately making crypto payments more accessible and efficient for all stakeholders in the cryptocurrency ecosystem.