Coinbase Global Inc, a leading cryptocurrency exchange, has unveiled its latest stride in innovation with the introduction of the On-chain Payment Protocol, an open-source solution designed to enhance the user experience on the Coinbase Commerce Product.
As per the exchange, this announcement marks a pivotal moment in Coinbase’s strategic vision to revolutionize payments by making them faster, more cost-effective, and globally accessible for merchants and customers.
Benefits of the Onchain Payment Protocol
Notably, the Onchain Payment Protocol is a testament to Coinbase’s commitment to pushing the boundary of cryptocurrency utility. By leveraging open-source principles, Coinbase aims to foster collaboration and development within the blockchain community, propelling the evolution of payment solutions.
Meanwhile, this new protocol is poised to play a transformative role in simplifying and unifying on-chain payments. The crypto exchange envisions it as a universal standard that transcends existing complexities, providing a streamlined and standardized framework for on-chain transactions. Also, the move aligns with Coinbase’s broader mission to bring simplicity and accessibility to the cryptocurrency world.
Merchants and Customers Are Not Left Out
For merchants, the Onchain Payment Protocol will improve efficiency and reduce transaction costs. The streamlined process ensures that payments occur swiftly and with minimal friction, creating a more seamless experience for businesses and their customers. By addressing the intricacies associated with the new protocol, Coinbase aims to encourage broader merchant adoption of cryptocurrencies.
Customers, on the other hand, stand to benefit from a more user-friendly and efficient payment experience. The protocol’s universal standardization means that users interacting with Coinbase Commerce can expect a consistent and straightforward payment process, regardless of the cryptocurrencies involved.
As Coinbase continues to pave the way for innovation, the Onchain Payment Protocol stands as a beacon of progress in the journey towards a more inclusive and efficient digital economy.
Coinbase Launched Base
At the beginning of the year, Coinbase launched Base, its L2 protocol which saw more than $100 million in assets bridged to it within a short period. The network launch triggered an upscale in Coinbase’s market share in the face of revenue stream diversification. Base utilizes OP Stack, from the team behind Optimism.
However, Coinbase’s Ethereum-based Layer-2 network hit a significant milestone in the Decentralized Finance (DeFi) ecosystem with a 25% TVL surge. Consequently, this increase moved the valuation of Base to $558 million, exceeding Matter Labs’ zkSync Era, which previously held $435 million.