The platform includes a Coinbase Commerce button which allows merchants to easily accept payments for goods, services, and donations.
In a groundbreaking move towards enhancing the user experience in onchain payments, Coinbase Commerce has unveiled a comprehensive set of product updates.
This development, announced in a recent blog post, is set to address the challenges posed by cryptocurrency volatility, making onchain payments more accessible and seamless for thousands of global merchants.
Coinbase’s Onchain Payment Protocol
Central to the update is the introduction of the Onchain Payment Protocol, a universal standard developed by Coinbase Global Inc (NASDAQ: COIN) to unify and simplify onchain payments. This open-source solution is poised to bring clarity, reliability, and a consistent user experience to all, regardless of their chosen platform or wallet.
The openness of this protocol is a notable feature, as it allows other payment processors and businesses to build upon it. This fosters an ecosystem where various entities can contribute to the development of accessible, user-friendly gateways to onchain payments, promoting innovation and collaboration within the industry.
For merchants, the updated Coinbase Commerce product offers several advantages. Merchants can now accept their first payment within minutes through simplified onboarding processes and out-of-the-box integrations with popular platforms like WooCommerce, Primer, and Jumpseller.
Additionally, merchants can receive funds directly in their preferred wallet, ensuring instant, error-free payments with lower decline rates and chargeback risks compared to traditional payment methods.
Moreover, with a single setup and simple integration, merchants can facilitate onchain transactions across multiple cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC), with additional network support on the way.
Coinbase Commerce’s updated platform also brings several advantages for customers, ensuring a reliable and secure payment experience. The new venture now shares payment information directly with the customer’s wallet, eliminating the need for manual data entry.
Also, one-click checkout is available for millions of Coinbase’s verified users.
The Launch of Coinbase Commerce
Coinbase Commerce, launched in 2018, allows merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Coinbase Commerce, unlike previous merchant products, is not a hosted service, giving merchants complete control over their digital currency.
The platform includes a Coinbase Commerce button, similar to PayPal Holdings Inc (NASDAQ: PYPL), which allows merchants to easily accept payments for goods, services, and donations. It is worth noting that Coinbase is not the only company that has created a platform like Coinbase Commerce. Bitpay, which Microsoft Corp ( NASDAQ: MSFT) uses, is its main rival.
Overall, Coinbase’s mission, since its founding in 2012, has been to create an open financial system. The recent updates to Coinbase Commerce aligns with this mission, providing a seamless and universal solution for merchants worldwide.
As Coinbase continues to expand its offerings, including the recent introduction of perpetual futures contracts for Solana (SOL) and Avalanche (AVAX), it reaffirms its commitment to providing innovative financial tools and services to the crypto community.