US-based top crypto exchange platform Coinbase announces a new on-chain payment protocol.
At a new company blog postCoinbase says it is setting a new standard for on-chain payments, making them cheaper and faster for consumers.
According to Coinbase, the open-source update will provide “clarity, reliability, and a consistent experience for all users,” significantly improving the payment process for both merchants and customers.
“At Coinbase we believe that on-chain is the new online. Just as the internet has broken down barriers, democratized access to information and made knowledge universally available, we believe crypto will do the same with broader access to financial services and commerce.
A big next step in our vision is to make payments faster, cheaper and global. Today we’re announcing a major update to our Coinbase Commerce product, now built on top of our new open-source On-Chain Payment Protocol, which delivers instant settlement, low fees, and broad asset support to improve the payments experience for merchants and their customers. customers.”
The crypto exchange explains how the upgrade will affect both merchants and customers. Merchants can now enjoy simplified onboarding, volatility-free conversions, and the ability to let customers pay with their favorite wallets and/or digital assets.
Earlier this month, Coinbase CEO Brian Armstrong said crypto companies could become the tech giants of tomorrow as blockchains transform people’s lives just as the internet did decades ago.
“On-chain is the new online. The Internet was and is a groundbreaking technology that redefined our forms of communication, business and social interaction. It broke down barriers, democratized access to information and made knowledge universally accessible.
Blockchain and crypto are doing the same thing today with a redecentralization of the web and the introduction of a new building block: ownership. Instead of just reading and writing on the traditional internet, on-chain, you can now read, write and own.”
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Featured image: Shutterstock/IR Stone