Coinbase Unveils New Protocol to Streamline Crypto Transactions

Published: has taken a major step in simplifying cryptocurrency transactions and addressing the challenge of volatility. On Thursday, the company launched its open-source Onchain Payment Protocol. This solution has been designed to provide instant payments, lower fees, and more asset support, with the aim of transforming online payments in a way similar to how the internet revolutionized access to information.

Integrated into Coinbase’s Commerce product, the Protocol simplifies payments for global merchants. It has a single-setup feature, allowing merchants to easily connect with popular ecommerce platforms like WooCommerce, Primer, and Jumpseller. Additionally, the system automatically converts cryptocurrencies into USDC, which ensures stable transaction values despite market fluctuations.

The Onchain Payment Protocol has numerous benefits, such as instant settlements and transaction fees in various cryptocurrencies, real-time validation of transactions for verified Coinbase users, and support for multiple currencies such as Bitcoin, Ethereum, and Polygon, with plans to expand networks including Solana and Avalanche.

The Protocol also reduces the risk of chargebacks and decline rates in the crypto-payment process, offers flexible payment methods, and provides instant confirmation of payment. By facilitating billions of dollars in on-chain payments, Coinbase’s new protocol will make it easier for thousands of merchants around the world to incorporate cryptocurrency into their businesses. This initiative reflects the company’s commitment to creating an ecosystem where digital money can be used as easily and efficiently as traditional currency.

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