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Coinbase launches open-source protocol to improve crypto payments

The open source nature allows other platforms to also integrate Coinbase's payment infrastructure to boost decentralized finance adoption.

Cryptocurrency exchange Coinbase made waves this week with the launch of its new open-source Onchain Payment Protocol — aimed at improving the company’s Commerce product for merchants. The San Francisco-based exchange announced the new protocol on Thursday, describing it as a way to enable “instant settlement, low fees, and broad asset support” for merchants using its services. Coinbase’s new open-source protocol looks to solve these problems by automatically converting customers’ cryptocurrency payments into the popular stablecoin USDC, thus eliminating exposure to volatility.

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