Coinbase Elevates Commerce Offering with 'Onchain Payment Protocol' Across Ethereum, Polygon, and Base Blockchains

Cryptocurrency exchange Coinbase has introduced an open-source "Onchain Payment Protocol" to enhance its Commerce product, supporting Ethereum, Polygon, and Base blockchain ecosystems, as per a recent The Block report. The update aims to provide instant settlement, low fees, and broad asset support for an improved payment experience.

Coinbase Commerce, launched in 2018 to facilitate crypto payments for merchants, has processed billions of dollars in on-chain payments for thousands of global merchants. The updated Commerce product, utilizing the Onchain Payment Protocol, automatically converts customers' crypto to the USDC stablecoin, addressing volatility concerns.

The protocol supports various wallets and tokens across Ethereum, Polygon, and Base ecosystems, with plans for additional network support in the future. Merchants benefit from cost-effective payments, broader customer reach, and reduced exposure to crypto volatility. Despite market challenges, Coinbase continues to innovate, launching products like Base, a Layer 2 network on Ethereum, solidifying its position in the crypto space.

Resources:

The Block