Coinbase Upgrades Commerce Platform: Introduces On-Chain Payments

Coinbase has announced an update to its Coinbase Commerce platform that aims to solve key pain points for merchants accepting cryptocurrency payments. 

In a blogpost, the company stated that the enhanced product will address volatility and complexity concerns with crypto transactions. In addition, it will also provide a single integration for business users and enable seamless connections to platforms like WooCommerce, Primer, and Jumpseller. 

“This enhancement offers merchants volatility-free payments, low transaction fees, and instant settlement across hundreds of currencies, available on Base and other EVM networks.” Coinbase said in the blog post.  

Additionally, the new protocol automatically converts any crypto into the stablecoin USD Coin (USDC) to remove volatility. Other notable features include low transfer fees, real-time transaction confirmation for better user experience, and support for major cryptocurrencies on Ethereum, Polygon, Base, and for US retailers – Solana and Avalanche. 

Coinbase Commerce was first introduced in 2018 as a solution for large merchants to accept crypto as payment. The exchange said thousands of merchants currently use the platform but often worry about crypto market volatility.

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2023-11-18 20:04