Crypto Exchange Coinbase (Coin) ventures further in the World Payment sector with the launch of Coinbase Payments, said the company in a blog article on Wednesday.
The service, built on the basis of Ethereum Layer-2 network in Coinbase, is already live with the Shopify electronic commerce platform and has been designed to provide stablecoin payments to merchants, by supporting USDC transactions 24 hours a day without requiring the blockchain know-how, said the blog post.
The company’s decision is aligned with the growing trend of stablecoins reshaping the world market for payments. Payment companies such as Stripe and Paypal start products that use blockchain technology under the hood for payments. Meanwhile, Aboriginal Crypto companies such as USDC Transfer Circle with its payment network also enter the increasingly competitive field.
It is always an attractive opportunity: Coinbase said that the stablecoins had facilitated 30 billions of dollars in transactions last year, tripling the volume from one year to the next.
The new service incorporates three modular components: the Stablecoin cash register allows customers to pay using wallets like Metamask, Phantom and Coinbase Wallet in a gas and native browser experience. The electronic commerce engine offers platforms an API to manage key functions such as authorization, reimbursements and the book. And the trade payment protocol performs transactions via intelligent contracts, the treatment of mechanics such as delayed capture or onchain deposit.
In practice, this means that traders can accept USDC of global customers at any time of the day, without any additional configuration and lower transaction costs. Coinbase claims that its tools reproduce the sensation of traditional payment rails – fixation, manipulation of differences and recurring billing – while using onchain logic for speed and efficiency.
