Coinbase has announced the development of an open-source "on-chain payment protocol" to improve its commercial application interface, Coinbase Commerce. The protocol currently supports the Ethereum, Polygon, and Base blockchain ecosystems, with plans to support more networks soon. The protocol provides instant settlement, low fees, and extensive asset support to improve the payment experience for merchants and their customers.

It is reported that Coinbase Commerce is a payment application for online merchants launched by Coinbase in early 2018, which allows merchants to easily accept cryptocurrency payments. Coinbase stated today that thousands of merchants worldwide have received billions of dollars in on-chain payments through the Commerce platform so far.