Top US-based crypto exchange platform Coinbase is announcing a new on-chain payments protocol.
In a new company blog post, Coinbase says that it’s setting a new standard for on-chain payments that will make them cheaper and faster for consumers.
According to Coinbase, the open-source update will ensure “clarity, reliability, and a consistent experience for all users,” greatly enhancing the payment process for both merchants and customers.
“At Coinbase we believe that on-chain is the new online. Just like the internet broke down barriers, democratized access to information and made knowledge universally available, we believe crypto is doing 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 are announcing a large update to our Coinbase Commerce product, now built on top of our new open-source On-Chain Payment Protocol, which offers instant settlement, low fees, and broad asset support to improve the payment experience for merchants and their customers.”
The crypto exchange lays out how the upgrade will affect both merchants and customers. Merchants will now be able to enjoy simplified onboarding, volatility-free conversions, and the ability to allow customers to pay using their preferred wallet and/or digital asset.
Earlier this month, Coinbase chief executive Brian Armstrong said that crypto firms could become the tech giants of tomorrow as blockchains are transforming people’s lives just as the internet did decades ago.
“On-chain is the new online. The Internet was and is a game-changing technology that redefined our modes 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 re-decentralization 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.”