© Reuters.
In a bid to streamline cryptocurrency transactions and address the challenges of volatility, Coinbase (NASDAQ:) introduced its innovative payment protocol Onchain. This open-source solution is designed to deliver instant settlements, low fees and expanded asset support, with the aim of transforming online payments in a way the Internet revolutionized access to. ‘information.
The protocol, launched on Thursday, is integrated with Coinbase’s Commerce product and targets merchants around the world by simplifying the payment process. It allows for one-stop setup for merchants and seamless integration with popular e-commerce platforms like WooCommerce, Primer, and Jumpseller. The new system promises volatility-free payments through automatic conversion of cryptocurrencies to (USDC), which ensures stable transaction values despite market fluctuations.
The main benefits of the Onchain payment protocol are:- Low transaction fees and instant settlements in a variety of cryptocurrencies.- Real-time transaction validation for verified Coinbase users, improving the overall user experience.- Support supporting multiple currencies on the Base, and Polygon networks, with plans to expand to perpetual futures (SOL) and (AVAX) for US retail traders.
The protocol addresses common pain points in the crypto payment process by reducing decline rates and chargeback risks. It ensures error-free payments and offers flexible payment options that aim to make the payment process effortless for customers while providing instant payment confirmation.
By facilitating billions of on-chain payments, Coinbase’s new protocol is expected to make it easier for thousands of merchants around the world to integrate cryptocurrencies into their businesses. This initiative reflects the company’s commitment to fostering an ecosystem where digital currency can be used as convenient and efficient as traditional money.
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