Providing merchants and consumers with instant, low-cost settlements, the on-chain payments protocol on Coinbase mitigates crypto volatility.
Thursday, November 16th, the cryptocurrency exchange Coinbase introduced the Onchain Payment Protocol, an open-source solution designed to enhance the Coinbase Commerce user experience.
Improving Coinbase Commerce User Experience
Recent progress represents a critical milestone in Coinbase’s mission to facilitate payments that are accessible globally, more cost-effective, and expeditious. Additionally, this update utilizes the On-chain Payment Protocol, a recently introduced open-source technology.
Coinbase posits a future in which on-chain transcends the boundaries of the internet and democratizes information access, much like how the internet tore down barriers. Their current objective is to emulate this paradigm-shifting effect using cryptocurrency, enabling wider financial services and Commerce availability.
The updated Coinbase Commerce product addresses issues merchants encounter, including consumers traversing the complexities of cryptocurrency transactions and merchants contending with crypto volatility.
Using the On-chain Payment Protocol, Coinbase endeavors to provide immediate settlement, reduced transaction fees, and improved asset support. Additionally, this will contribute to enhancing the payment process for merchants and customers.
On-Chain Payment Protocol Mystique
The introduction of the Onchain Payment Protocol, a universal standard devised by Coinbase to streamline and integrate on-chain payments, is a pivotal aspect of this update.
This open-source solution guarantees enhanced transparency, dependability, and a uniform user experience across various platforms and wallets.
Coinbase promotes the accumulation of contributions from payment processors and enterprises through the open-source nature of its protocol, thereby facilitating the growth of user-friendly and accessible gateways to on-chain payments.
Thousands of merchants worldwide have already invested in Coinbase Commerce to handle on-chain payments worth billions of dollars. With this update, Coinbase endeavors to facilitate a more streamlined and intuitive experience, enabling any individual with an internet connection to accept payments on a global scale.
The new on-chain payment protocol is advantageous for both consumers and merchants. In various cryptocurrencies, merchants profit from streamlined on-chain transactions that feature simple integration, low fees, and immediate settlement.
The customer experience is improved through platforms such as WooCommerce, Primer, and Jumpseller, which facilitate rapid enrollment, automatic conversion to USDC for payments free from volatility, and support for multiple currencies on Base, Ethereum, and Polygon. Compared to conventional methods, the protocol ensures immediate, error-free payments, reducing decline rates and chargeback risks.
Patrons are allowed to transact using the wallet and currency they choose on Base, Ethereum, and Polygon. Pre-configured payments obviate the necessity for manual data entry.
In addition, Commerce delivers a streamlined checkout experience for verified users of Coinbase and guarantees immediate payment verification via real-time transaction validation.
