Coinbase Unveils New Protocol for On-Chain Payments

18.11.2023 / Payment system news

Leading U.S. crypto exchange Coinbase has launched a new protocol for on-chain payments. The new open-source Onchain Payment Protocol is an update to Coinbase’s Commerce product.

According to a blog post, the new protocol will simplify and standardize on-chain payments for currencies available on Base, Polygon, and other Ethereum Virtual Machine networks, offering volatility-free payments and low transaction fees.

Coinbase’s New Protocol for On-Chain Payments

Coinbase revealed that the new protocol aims to solve common crypto transaction issues merchants and customers face. The update will unify on-chain payments, ensuring clarity, reliability, and a consistent experience for all users, notwithstanding their platform or wallet choices.

“At Coinbase we believe that on-chain is the new online. Just like the internet broke down barriers, democratized access to information, and made knowledge universally available, we believe crypto is doing the same with broader access to financial services and commerce. A big next step in our vision is to make payments faster, cheaper, and global,” Coinbase said.

Since the protocol is open source, other payment processors and businesses can build on it and create accessible gateways to on-chain payments, enabling anyone with an internet connection to receive and execute transfers around the globe.

“Thousands of merchants globally have trusted Coinbase Commerce to accept billions of dollars in on-chain payments. Yet, merchants often struggle with crypto volatility, while consumers find the payment experience daunting. Our updated Commerce product solves these challenges by providing a more seamless experience designed to tackle common crypto transaction issues. Commerce enables anyone with an internet connection an easy way to accept payments from customers around the globe,” the crypto exchange added.

Coinbase Continues to Build

The Coinbase Onchain Payment Protocol provides crypto merchants with several benefits, like instant payment settlements, support for many networks, and out-of-the-box integrations. On the other hand, customers enjoy pre-configured payments, retail payment support, and instant payment confirmation.

Coinbase has continued to build and release new updates despite harsh market conditions. The exchange recently launched Base, which has grown to become one of the largest scaling layer-2 networks on Ethereum, contending with the likes of Arbitrum and Optimism. The network has also become the fastest-growing layer-2 blockchain, amassing millions of unique addresses a few months after its launch.

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