Coinbase, a prominent cryptocurrency exchange, has introduced a major update to its Coinbase Commerce product.
This enhancement, based on the newly introduced open-source Chain Payments Protocol, aims to revolutionize on-chain payments, simplifying and standardizing the process for both merchants and customers.
The main objective of this update is to streamline payments, make them cheaper and more accessible on a global scale. The Coinbase Commerce platform, established in 2018, has been widely adopted by thousands of global merchants, facilitating billions of dollars in on-chain payments.
FACING THE CHALLENGES OF VOLATILITY AND PAYMENT EXPERIENCE IN COINBASE
In response, Coinbase has integrated the Chain Payments Protocol to directly address these issues.
Central to this update is the protocol’s ability to automatically convert the customer’s chosen cryptocurrency into the USDC stablecoin at a guaranteed rate.
This move aims to alleviate the impact of cryptocurrency market fluctuations, providing traders with more stable assets and simplifying their accounting processes.
The Chain Payments Protocol, designed as a universal standard, promises uniformity and simplicity in chain payments, regardless of the user’s platform or wallet preference.
By making this protocol an open source resource, Coinbase hopes to encourage other payment processors and businesses to adopt and develop it, thereby fostering friendlier gateways to on-chain payments.
For merchants, this update offers a simplified experience, enabling quick integration and making it possible for them to accept a wide range of cryptocurrencies on networks such as Base, Ethereum and Polygon.
It guarantees volatility-free transactions, low transaction costs, and instant settlements on various crypto assets, improving the efficiency and reliability of your operations.
At the client end, Coinbase Commerce ensures accurate and reliable payments, allowing users to pay with their preferred wallet and currency across multiple networks.
The platform also simplifies the payment process, shares payment information directly with wallets, and provides real-time transaction validation for immediate security.
Coinbase’s commitment to improving the Coinbase Commerce platform through the Protocol reflects its dedication to making cryptocurrencies more accessible, secure, and simple for both merchants and customers.