Crypto exchange Coinbase has developed an open source "Onchain Payment Protocol" to improve its Commerce product. The protocol currently supports the Ethereum, Polygon and Base blockchain ecosystems.

"Today we are announcing a large update to our Coinbase Commerce product, now built on top of our new open source Onchain Payment Protocol, which offers instant settlement, low fees, and broad asset support to improve the payment experience for merchants and their customers," Coinbase said Thursday.

Coinbase Commerce was launched in 2018 to let merchants accept crypto payments. To date, thousands of merchants globally have received billions of dollars in on-chain payments via the Commerce platform, Coinbase said today. "Yet, merchants often struggle with crypto volatility, while consumers …