New Protocol for On-Chain Payments

Leading U.S. crypto exchange Coinbase has launched a new protocol for on-chain payments called the Onchain Payment Protocol. It is an update to Coinbase’s Commerce product.

The new protocol aims to simplify and standardize on-chain payments for currencies available on Base, Polygon, and other ethereum Virtual Machine networks. It offers volatility-free payments and low transaction fees, as stated in a blog post.

The update will unify on-chain payments, ensuring clarity, reliability, and a consistent experience for all users, regardless of their platform or wallet choices. Coinbase believes that on-chain payments will make payments faster, cheaper, and global, just like the internet did with access to information.

Since the protocol is open source, other payment processors and businesses can build on it to create accessible gateways to on-chain payments, enabling anyone with an internet connection to receive and execute transfers around the globe. Thousands of merchants globally have trusted Coinbase Commerce to accept billions of dollars in on-chain payments.

Coinbase Continues to Build

Furthermore, the Coinbase Onchain Payment Protocol provides benefits such as instant payment settlements, support for many networks, and out-of-the-box integrations. On the other hand, customers enjoy pre-configured payments, retail payment support, and instant payment confirmation.

The exchange recently launched Base, which has become one of the largest scaling layer-2 networks on ethereum, contending with the likes of Arbitrum and Optimism and becoming the fastest-growing layer-2 blockchain.

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By Team