Cryptocurrency exchange Coinbase, headquartered in San Francisco, has unveiled the integration of an open-source On-Chain Payments Protocol into its Coinbase Commerce offering.
In an announcement made on Thursday, the exchange stated that the newly introduced protocol has set its goals towards improving the payment journey for both merchants and customers. It intends to achieve this by ensuring instant settlement, minimal fees, and extensive asset compatibility.
Coinbase Commerce revolutionizes payment acceptance worldwide by enabling merchants to embrace decentralized cryptocurrency transactions on a global scale.
Merchants and consumers have faced hurdles due to the fluctuating nature of cryptocurrencies and the intricacies involved in making payments.
The revamped Commerce product strives to tackle these obstacles and offer a payment experience that is smoother and easier to use.
Coin base’s On-Chain Payments Protocol to Simply Payments
Coinbase’s On-Chain Payments Protocol aims to streamline and harmonize on-chain payments by establishing a universal standard.
Coinbase fosters innovation and collaboration in the payments industry by embracing an open-source protocol, thereby inspiring other payment processors and businesses to leverage its foundations.
Merchants will derive substantial advantages from the new update, according to the announcement made by the exchange.
Merchants can effortlessly streamline their operations and seamlessly incorporate on-chain transactions. By doing so, they enable hassle-free payments without facing fluctuations in value and can take advantage of cost-effective transaction fees. Furthermore, they can swiftly receive immediate settlement in an extensive range of hundreds of digital assets.
Merchants can swiftly start accepting payments in just a few minutes by leveraging the seamless onboarding system and pre-existing integrations with popular platforms such as WooCommerce, Primer, and Jumpseller.
The On-Chain Payments Protocol guarantees a dependable and precise payment encounter for customers as well.
The inclusion of various wallets and currencies enables customers to conveniently utilize their preferred wallets on the Base, Ethereum, and Polygon networks for payments.
On-Chain Payments Protocol Automatically Converts Assets
The On-Chain Payments Protocol revolutionizes the process by instantly converting the preferred currency of the customer into USDC with an assurance of a fixed rate. This ingenious system streamlines the merchant’s accounting and daily operations, making them hassle-free.
Furthermore, immediate payment verification guarantees swift confirmation, eradicating any uncertainties or hindrances.
Coinbase Commerce aims to provide a smooth and effortless checkout process for retail transactions, thus benefiting the countless verified users that Coinbase has acquired.
By directly sharing payment details with the user’s wallet, the platform eliminates the requirement for manual input of data and minimizes the chance of errors.
Coinbase has recently embarked on a streak, introducing an array of offerings and solutions catering to the needs of cryptocurrency enthusiasts.
Last week marked the recent announcement of the platform’s decision to incorporate perpetual futures contracts for both Solana (SOL) and Avalanche (AVAX).
Coinbase jumped ahead by unveiling its original futures contracts for Bitcoin and Ethereum, exclusively catering to American retail traders.
Coinbase has experienced a fair share of controversies amid its recent noteworthy accomplishments.
The firm has been locked in a fight with the SEC for years, with the SEC accusing it of not having the qualities of a trader of securities.
Innovation is critical in the constantly evolving world of cryptocurrencies. Coinbase, a major cryptocurrency exchange also understands how to stay relevant in the market. In this latest offering called the On-Chain Payments Protocol, merchants will be able to process transactions more conveniently.
So, how does it work? Well, this ingenious system instantly converts the customer’s preferred currency into USDC (USD Coin) at a fixed rate. This is not only simple
The top regulatory body’s assertions have been dismissed by the platform, arguing that its actions do not fall within the legal scope of the agency’s jurisdiction.
Frequently Asked Questions:
Q1: Can you provide a detailed explanation of Coinbase’s On-Chain Payments Protocol?
Coinbase Commerce introduces the On-Chain Payments Protocol, a versatile open-source standard that revolutionizes the payment ecosystem. With lightning-fast settlement, minimal fees, and extensive asset compatibility, this innovative solution aims to elevate the payment experience for merchants and customers alike.
Q2: Why was the On-Chain Payments Protocol developed?
This protocol was designed to address the volatility in crypto assets and the difficulties that come with settler payments. It provides a seamless payment experience for both merchants and customers and connects them on a single platform.
Q3: What advantages do merchants gain from utilizing the On-Chain Payments Protocol?
The onboarding process for merchants is made seamless, accompanied by minimal transaction charges, and ensures immediate settlement for on-chain transactions involving numerous cryptocurrencies. Additionally, integrating with platforms such as WooCommerce, Primer, and Jumpseller is effortlessly facilitated by the protocol.
Q4: Which currencies and networks are compatible with the On-Chain Payments Protocol?
Customers have the freedom to choose their desired wallet when making payments, as the protocol accommodates various wallets and currencies on the Base, Ethereum, and Polygon networks.
Q5 aims to clarify the methodology employed by the protocol in managing currency conversion on behalf of merchants.
Merchants can now streamline their accounting and operational processes, thanks to the On-Chain Payments Protocol’s automatic conversion feature. By converting the customer’s preferred currency to USDC at a fixed rate, the protocol ensures a guaranteed transaction value. This innovation revolutionizes the merchant experience while maintaining simplicity.
Q6: What advantages do users gain from utilizing Coinbase Commerce?
With Coinbase Commerce, retailers can now offer customers a smooth and effortless checkout process. This innovative system directly communicates payment details to the user’s wallet, eliminating the cumbersome task of manually inputting data and minimizing the risk of errors.
Q7: Apart from the launch of the On-Chain Payments Protocol, what other notable accomplishments can be attributed to Coinbase in recent times?
Coinbase has just extended its offering with the inclusion of perpetual futures contracts for Solana (SOL) and Avalanche (AVAX). Moreover, the platform is now catering to US retail traders by introducing native futures contracts for Bitcoin and Ethereum.
Q8: Does Coinbase find itself embroiled in any contentious issues at present?
Coinbase’s ongoing struggle with the US SEC stems from the fact that it is alleged to have violated regulatory requirements in its capacity as a securities trading platform. However, Coinbase strongly asserts that its operations do not fall under regulatory authority, despite this assertion.