Cryptocurrency trade Coinbase made waves this week with the launch of its new open-source Onchain Cost Protocol — geared toward bettering the corporate’s Commerce product for retailers.
The San Francisco-based trade announced the brand new protocol on Thursday, describing it as a strategy to allow “immediate settlement, low charges, and broad asset help” for retailers utilizing its providers. Coinbase Commerce was first launched in 2018 as a platform for retailers to simply accept cryptocurrency funds. Since then, the corporate says 1000’s of retailers globally have processed billions of {dollars} in on-chain funds.
Nevertheless, the volatility of cryptocurrencies and sophisticated person experiences have remained obstacles to broader adoption. Coinbase’s new open-source protocol appears to be like to unravel these issues by mechanically changing prospects’ cryptocurrency funds into the favored stablecoin USDC, thus eliminating publicity to volatility. The protocol at present helps Ethereum, Polygon, and the Coinbase-incubated Base — with plans to develop to extra networks quickly.
Retailers might profit from dramatically decrease fee processing charges by accepting cryptocurrency straight fairly than conventional bank card funds. The open-source nature of the protocol additionally opens the door for different platforms to combine and construct on prime of Coinbase’s infrastructure.
The launch comes as Coinbase pushes ahead with growing its personal Layer 2 community, Base, to seize market share within the scorching DeFi house.
Photograph by David McBee.
