Coinbase boosts Commerce product with ‘Onchain Payment Protocol’ on Ethereum, Polygon and Base
Crypto alternate Coinbase has developed an open supply “Onchain Fee Protocol” to enhance its Commerce product. The protocol at the moment helps the Ethereum, Polygon and Base blockchain ecosystems.
“As we speak we’re saying a big replace to our Coinbase Commerce product, now constructed on high of our new open supply Onchain Fee Protocol, which provides instantaneous settlement, low charges, and broad asset help to enhance the cost expertise for retailers and their prospects,” Coinbase mentioned Thursday.
Coinbase Commerce was launched in 2018 to let retailers settle for crypto funds. So far, 1000’s of retailers globally have obtained billions of {dollars} in on-chain funds through the Commerce platform, Coinbase mentioned right this moment. “But, retailers usually wrestle with crypto volatility, whereas shoppers discover the cost expertise daunting,” the corporate mentioned, including that the up to date Commerce product solves these challenges.
Coinbase builds Onchain Fee Protocol
The up to date Commerce product constructed on the Onchain Fee Protocol routinely converts prospects’ crypto to the USDC stablecoin and thus helps keep away from crypto volatility, Coinbase mentioned. The protocol at the moment helps any pockets and supported token throughout the Ethereum, Polygon and Base ecosystems and plans to help extra networks “quickly.”
“This Commerce replace permits customers to pay in lots of of currencies throughout Ethereum, Base, and Polygon, each native currencies and ERC-20s,” Lauren Dowling, head of product — developer cost providers at Coinbase, informed The Block. “Coinbase retail prospects will have the ability to pay in each asset that’s supported by our alternate.”
The replace is impactful for retailers, Dowling mentioned, “as a result of it lets you attain the lots of of tens of millions of world crypto customers able to pay onchain, makes funds less expensive to just accept in comparison with 3%+ bank card charges, and removes publicity to crypto volatility.”
Coinbase continues to construct amid a troublesome market atmosphere. In August, Coinbase launched Base, a Layer 2 community constructed on high of Ethereum, utilizing the OP Stack software program from one other well-liked Layer 2 community, Optimism. Base is at the moment the third largest scaling community when it comes to whole worth locked after Arbitrum and Optimism, in line with DefiLlama knowledge.
