In a recent blog post, leading cryptocurrency exchange Coinbase announced a significant update to Coinbase Commerce, introducing an innovative on-chain payment protocol.
Designed to address the inherent volatility of cryptocurrencies, this protocol establishes a universal standard developed by Coinbase, simplifying on-chain payments and resolving common issues faced by merchants.
The open-source nature of the protocol allows other payment processes to seamlessly integrate and build upon its foundation. Merchants stand to benefit from volatility-free conversions to USDC at a guaranteed rate, providing stability in a fluctuating market. Furthermore, customers gain the flexibility to pay with their preferred wallet and currency across Ethereum, Polygon, and Binance Smart Chain networks.
Setting a new standard for onchain payments
Introducing the updated Coinbase Commerce pic.twitter.com/bX2MikoLht
— Coinbase Developer Platform🛡️ (@CoinbaseDev) November 16, 2023
The enhanced protocol ensures instant payment confirmation for customers, coupled with real-time transaction validation. Coinbase’s product team emphasized the belief that “onchain is the new online,” drawing parallels between the transformative nature of the internet and the evolving role of cryptocurrencies in democratizing access to financial services and commerce.
Coinbase’s proactive approach to addressing cryptocurrency challenges aligns with their recent quarterly earnings success, reporting $674.1 million in total revenue despite a notable decrease in trading volume. This latest development positions Coinbase Commerce as a forward-thinking solution for merchants navigating the dynamic landscape of digital currencies.
