In the ever-evolving landscape of cryptocurrency, Coinbase Commerce stands out as a trailblazer, setting a new standard for onchain payments.
The recent update on Coinbase Commerce product, built on the innovative Onchain Payment Protocol, heralds a paradigm shift in the world of digital transactions.
This blog post explores the intricacies of this groundbreaking development, examining how it makes onchain payments faster, cheaper, and more seamless than ever before.
Breaking Down Barriers: Onchain as the New Online
At Coinbase, they look at onchain as the new online.
In much the same way the internet shattered barriers and democratized access to information, crypto is now revolutionizing financial services and commerce on a global scale.
The essence of this transformation lies in making payments faster, more affordable, and accessible worldwide.
Today, they unvieled a significant update to Coinbase Commerce, aligning it with their vision and laying the foundation for a future where onchain payments are the norm.
Setting a new standard for onchain payments
Introducing the updated Coinbase Commerce pic.twitter.com/bX2MikoLht
— Coinbase Cloud 🛡️📞 (@CoinbaseCloud) November 16, 2023
Coinbase Commerce 2.0: Redefining the Payment Experience
Thousands of merchants worldwide have entrusted Coinbase Commerce to process billions in onchain payments.
However, challenges such as crypto volatility and a complex payment experience for consumers prompted us to reevaluate and enhance their offerings.
The result is an updated Commerce product, now seamlessly integrated with the Onchain Payment Protocol, promising merchants volatility-free payments, minimal transaction fees, and instant settlement across a multitude of currencies on Base and other EVM networks.
Onchain Payment Protocol: The Universal Standard
Central to this transformative update is the Onchain Payment Protocol, a universal standard conceived to unify and simplify onchain payments.
This open-source solution ensures clarity, reliability, and a consistent experience for users across various platforms and wallets.
By open-sourcing this protocol, Coinbase aims to foster collaboration within the crypto community, empowering other payment processors and businesses to build upon it and create user-friendly gateways to onchain payments.
Benefits for Merchants: Simplifying and Enhancing Business Operations
Merchants stand to gain a plethora of advantages from this update, streamlining their onchain payment processes and improving the overall customer experience.
Easy Onboarding and Processing
Merchants can now accept their first payment within minutes, thanks to simplified onboarding and out-of-the-box integrations with platforms like WooCommerce, Primer, and Jumpseller.
This ease of use removes barriers for businesses looking to tap into the world of onchain payments.
Volatility-Free Conversions
The Onchain Payment Protocol automatically converts customers’ chosen currencies to USDC at a guaranteed rate, eliminating volatility concerns and simplifying accounting and operations for businesses.
Broad Asset Support
With support for hundreds of currencies across Base, Ethereum, and Polygon (with more networks coming soon), merchants can provide customers with the flexibility to pay using their preferred wallets and currencies.
Instant Payment Settlement
Merchants can receive funds directly in their wallet of choice, ensuring instant, error-free payments.
This not only reduces decline rates but also minimizes chargeback risks compared to traditional payment methods.
Benefits for Customers: A Seamless and Secure Experience
Coinbase Commerce caters not only to merchants but also to the end-users, ensuring a seamless and secure payment experience.
Multiple Wallets, Multiple Currencies
Customers can pay with their preferred wallet and currency across Base, Ethereum, and Polygon, providing them with the flexibility to choose the most convenient payment method for their needs.
Pre-Configured Payments
Commerce shares payment information directly with customers’ wallets, eliminating the need for manual data entry and ensuring a hassle-free checkout process.
Retail Payment Support
Coinbase Commerce enables millions of verified Coinbase users to experience seamless checkout in just a few clicks, further expanding the accessibility of onchain payments.
Instant Payment Confirmation
Real-time transaction validation provides customers with immediate assurance, enhancing trust and confidence in the onchain payment process.
Getting Started: Join the Onchain Revolution
As Coinbase embarks on this exciting chapter, they extend an invitation for everyone to be part of the onchain revolution.
Whether you’re a merchant seeking to explore the global reach of onchain payments or an enthusiast eager to step into the future of payments with Coinbase Commerce, the journey begins here.
Ready to Dive In?
If you’re ready to explore the vast potential of onchain payments, take the plunge with Coinbase Commerce.
Getting started is a breeze, and the global reach of onchain transactions awaits you.
[Get started here.]
Learn More or Connect with Coinbase Commerce
For those who want to delve deeper or have questions, their team is here to help.
Reach out to them here to learn more about how Coinbase Commerce can revolutionize your payment experience.
Already a Coinbase Customer?
If you’re already part of the Coinbase family, log in to your account to explore these new features.
Exciting updates are on the horizon, and we encourage you to stay tuned for more innovations coming your way!
Conclusion
In conclusion, Coinbase Commerce’s latest update, fueled by the Onchain Payment Protocol, is a game-changer in the world of onchain payments.
By addressing the challenges faced by both merchants and customers, they aim to make onchain payments faster, more affordable, and globally accessible.
Join Coinbase Commerce in this onchain revolution and witness the future of payments unfold before your eyes.
