Tl;dr: We’re announcing two big updates to our Commerce platform: instant, free payments from Coinbase users to Commerce merchants, and seven new cryptocurrencies that can be used for payments through Commerce.
One of Coinbase’s goals is to become a platform that brings together consumers and businesses in the cryptoeconomy. By making cryptocurrency transactions easier and more accessible, we are continuing to drive towards this goal. One of our key strategic pillars is to build products that enable crypto as a new financial system. Coinbase Commerce supports this pillar by providing access to safe and convenient payments.
Instant and Free Payments:
Earlier this year, we launched instant and free payments from Coinbase users to Coinbase-Managed Commerce merchants. This new feature leverages Coinbase’s unique access to both Coinbase customers as payers and to merchants as payees to enable instant, free payments using off-chain transactions. An off-chain transaction involves an account-to-account transfer processed outside of the blockchain through a separate channel, which means we can offer this benefit to payers with Coinbase accounts. Off-chain transactions are cheaper and faster, allowing parties to swap currency until they are ready to settle.
Payer Benefits
Consumers have told us that fees are among the top reasons they choose not to pay in cryptocurrency. Following this launch, existing Coinbase users will be able to complete crypto payments for free if they are sending money to a Commerce merchant on our Coinbase-Managed product, and funds will be settled to the merchant instantly. This makes online and in-person payments even more seamless.
Merchant Benefits
One of the biggest drawbacks for merchants looking to accept cryptocurrency is price volatility. Instant transactions (10 minutes or less) along with auto conversions to fiat currency can help to ensure that you are receiving the right amount from the payer.
Nathan Scherotter, Vice President of Direct-To-Consumer at Commerce client Constellation Brands commented on the company’s excitement about the new capability for the Robert Mondavi NFT store: “Coinbase was the perfect partner for Robert Mondavi to launch our NFT project. The product, team and infrastructure allowed for seamless crypto transactions, automatic conversion and easy integration. Without Coinbase’s Commerce product we would not have been able to accept crypto for this project, and being able to offer instant and free…
Click Here to Read the Full Original Article at The Coinbase Blog – Medium…
