Coinbase launches new open source on-chain payments protocol on Ethereum, Polygon and Base

Coinbase has developed an open-source on-chain payments protocol to improve its commerce products. The protocol currently supports the Ethereum, Polygon and Base blockchain ecosystems. Coinbase said on Thursday: “Today we are announcing a major update to our Coinbase Commerce product, now built on our new open source on-chain payments protocol that provides instant settlement, low fees and broad asset support, to improve the payment experience for merchants and their customers.” Coinbase Commerce was launched in 2018 to help merchants accept cryptocurrency payments. To date, thousands of merchants around the world have received billions of dollars in on-chain payments through the Commerce platform, Coinbase said today. "However, merchants often struggle with the volatility of cryptocurrencies, while consumers find the payment experience intimidating," the company said, adding that the updated Commerce product addresses these challenges. (The Block)