Coinbase sets new standard for online payments
Coinbase sets new standard for online payments
Cryptocurrency exchange Coinbase has unveiled the updated Coinbase Commerce, now built on the new open-source Onchain Payment Protocol, to simplify and standardize online payments.
Coinbase Commerce is designed to address common issues faced by sellers and buyers during cryptocurrency transactions.
"Sellers often struggle with cryptocurrency volatility, while consumers find the payment process complicated," Coinbase said in a statement.
Built on the Onchain Payment Protocol, Commerce gives users a simple and secure way to accept payments from clients around the world and automatically converts clients' crypto into USDC stablecoin, avoiding cryptocurrency volatility.
Coinbase announced that the Onchain Payment Protocol initially provides support for any wallet and token in the Ethereum, Polygon, and Base ecosystems, but the exchange intends to expand support with other networks in the near future.
At the same time, Commerce offers seamless payment for purchases with just a few clicks, greatly simplifying the payment process. In addition, there is the ability to verify the transaction in real time, lower transaction costs, the elimination of chargeback processing, and lower fees compared to a number of traditional payment methods.
Key benefits of Coinbase Commerce include:
- Support for over 10 of the most popular cryptoassets.
- The ability to interact with Coinbase's millions of retail users.
- Trust and peace of mind, as Coinbase offers a high level of security backed by over 11,000 organizations and 185,000 ecosystem partners from over 100 countries who trust Coinbase.
By open-sourcing the Onchain Payment Protocol, Coinbase encourages other payment systems and businesses to use it, facilitating the development of affordable and easy-to-use gateways for online payments.
As a reminder, in September, Coinbase launched Web3 Wallet, which is fully integrated into the Coinbase Prime platform and utilizes multi-party computing technology, and in August, the exchange launched Base, a Layer-2 network built on top of Ethereum using OP Stack software from another popular Layer-2 network, Optimism.
All of these moves reaffirm Coinbase's commitment to blockchain technology and the global expansion and adoption of cryptocurrencies.
Also read: Ripple's Chief Legal Officer has come out against Gary Gensler.
