Crypto Exchange Coinbase (COIN) is venturing even more in the global payments business with the launch of Coinbase Payments, the company said in a blog post on Wednesday.
The service, based on the Coinbase Ethereum Layer-2 Network Base, is already live with the Shopify electronic commerce platform and was designed to bring Stablecoin payments to merchants, supporting USDC transactions 24 hours without requiring any knowledge of Blockchain, said the blog post.
The company’s movement aligns with the growing trend of Stablcoins that remodeled the world payment market. Payment companies such as Stripe and PayPal Debut Products that use blockchain technology under the hood for payments. Meanwhile, native encryption companies such as USDC Issuer Circle with their payment network are also entering the increasingly competitive field.
It is still an attractive opportunity: Coinbase said that Stablecoins facilitated $ 30 billion in transactions last year, tripling the volume year after year.
The new service integrates three modular components: Stablecoin payment allows customers to pay wallets such as Metamask, Phantom and Coinbase Wallet in a native browser experience without gases. The electronic commerce engine gives platforms an API to handle key functions such as authorization, reimbursements and accounting. And the trade payment protocol executes transactions through intelligent contracts, mechanical management such as delayed capture or custody deposit.
In practice, this means that merchants can accept the USDC of global customers at any time of the day, without any additional configuration and lower transaction costs. Coinbase says that its tools replicate the sensation of traditional payment rails (establishment, dispute management and recurrent billing) while using the logic of the chain for speed and efficiency.
