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Tl;dr: We’re announcing two big updates to our Commerce platform: instant, free payments from Coinbase users to Commerce merchants, and seven new cryptocurrencies that can be used for payments through Commerce.

One of Coinbase’s goals is to become a platform that brings together consumers and businesses in the cryptoeconomy. By making cryptocurrency transactions easier and more accessible, we are continuing to drive towards this goal. One of our key strategic pillars is to build products that enable crypto as a new financial system. Coinbase Commerce supports this pillar by providing access to safe and convenient payments.

Instant and Free Payments:

Earlier this year, we launched instant and free payments from Coinbase users to Coinbase-Managed Commerce merchants. This new feature leverages Coinbase’s unique access to both Coinbase customers as payers and to merchants as payees to enable instant, free payments using off-chain transactions. An off-chain transaction involves an account-to-account transfer processed outside of the blockchain through a separate channel, which means we can offer this benefit to payers with Coinbase accounts. Off-chain transactions are cheaper and faster, allowing parties to swap currency until they are ready to settle.

Payer Benefits

Consumers have told us that fees are among the top reasons they choose not to pay in cryptocurrency. Following this launch, existing Coinbase users will be able to complete crypto payments for free if they are sending money to a Commerce merchant on our Coinbase-Managed product, and funds will be settled to the merchant instantly. This makes online and in-person payments even more seamless.

Merchant Benefits

One of the biggest drawbacks for merchants looking to accept cryptocurrency is price volatility. Instant transactions (10 minutes or less) along with auto conversions to fiat currency can help to ensure that you are receiving the right amount from the payer.

Nathan Scherotter, Vice President of Direct-To-Consumer at Commerce client Constellation Brands commented on the company’s excitement about the new capability for the Robert Mondavi NFT store: “Coinbase was the perfect partner for Robert Mondavi to launch our NFT project. The product, team and infrastructure allowed for seamless crypto transactions, automatic conversion and easy integration. Without Coinbase’s Commerce product we would not have been able to accept crypto for this project, and being able to offer instant and free payments is a huge win.”

More Crypto Payment Options on Commerce:

We’ve also added support for seven new crypto assets on the Commerce platform. Merchants and consumers now have more options for their crypto payments. We’ve been getting requests to enable payments with additional cryptocurrencies and we’re excited to add this new capability that will meet the needs of both sellers and payers.

We now support BTC, ETH, USDC, BCH, LTC, DOGE, DAI, USDT, APE, and SHIB. Merchants can easily manage which cryptocurrencies they want to accept, turn off the ones they don’t, and choose to hold or auto-convert any cryptocurrency balance to USD.¹

By removing friction and increasing flexibility within the crypto payment process on both sides of the ecosystem, we are taking another step towards mainstream adoption and leveraging the network effect of our brand. Log in to your account to explore these new features. You can also visit our Help Center or contact us if you need support.

Keep an eye out for more exciting Commerce updates to come later this year!

¹Only Coinbase-managed accounts are eligible for auto-conversion. Settlement limits apply for auto-conversions:

• $1M — BTC, ETH, USDC, DAI
• $500k — LTC, SHIB, USDT
• $250k — APE, BCH, DOGE

Coinbase Commerce Updates: Faster Payments, No Fees, More Currency Options was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

TL;DR: Over the next month, eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on Polygon, and USDC on Solana. The Polygon integration marks the first time Coinbase has enabled the ability to send and receive these assets on an L2.

By Nemil Dalal, Director, Product Management and Justin Blumenthal, Product Manager

Sending crypto on Ethereum has become increasingly expensive for individual users and institutions. As one of the most robust programmable blockchains, Ethereum has the largest ecosystem of developers, products, and services. But as blockchain usage has surged, gas fees (fees paid to miners to validate transactions on Ethereum) have skyrocketed, pricing out millions of would-be users. While these high gas fees have caused more affordable networks like Polygon and Solana to increase in popularity over the past 18 months, the process of funding wallets on these networks can be complex and time-consuming.

Coinbase is reducing the time, effort, and high fees of today’s experience by letting customers convert fiat to crypto and fund their Polygon and Solana wallets in minutes and at a fraction of the cost. Over the next month, eligible Coinbase and Coinbase Exchange customers will be able to send and receive ETH, MATIC, and USDC on Polygon, and they’ll be able to send and receive USDC on Solana.¹ Over time, we’ll add support for more tokens and more networks.

Access more of web3 at a fraction of the cost and time

On Ethereum, it can cost over $10 in gas fees to send small amounts of crypto from an exchange like Coinbase to a self-custodial wallet like Coinbase Wallet, and it can cost over $100 in gas to lend out larger amounts of crypto on protocols like Aave. This has driven a massive increase in development and activity on alternative networks, with over 30% of DeFi Total Value Locked now sitting outside of Ethereum. However, it’s not simple to move crypto across networks. Users must purchase crypto on an exchange, send it to their self-custodial wallet, then use a bridge to send their crypto to a different chain. It can take approximately 20 minutes, $50 in gas, and 10 protracted steps to purchase a NFT on Polygon via OpenSea. Now, Coinbase customers can convert their fiat to ETH, MATIC, and USDC and fund their Polygon wallet at a fraction of the cost and time, making it simple to explore more of web3.

Institutional traders are increasingly active across multiple networks and dapps, but the process of bridging between networks is inefficient for them as well. Multichain asset support via Coinbase Exchange allows for seamless deposits and withdrawals across Ethereum, Polygon, and Solana, with trading and settlement in one order book regardless of the chain used to deposit funds. We’ve removed the complexity of managing different balances of a single asset across networks with one comprehensive, unified balance.

Switch networks in a few simple steps

We’ve made it easy for both individual and Coinbase Exchange customers to send and receive on Polygon and Solana. Here’s how it works:

For individual customers using the Coinbase mobile app or coinbase.com:

• Decide which self-custody wallet you’ll use to receive your crypto. If you don’t have a self-custody wallet, it only takes a few seconds to get started with Coinbase Wallet. Make sure you’re choosing a self-custody wallet that supports either Polygon or Solana, depending on which network you plan to select. Keep in mind that all sends to crypto addresses are irreversible. Coinbase cannot retrieve funds sent to the incorrect address or using the incorrect network
• Open your Coinbase mobile app or log into coinbase.com and tap ‘Pay’
• Tap ‘Send’, then select ETH, MATIC, or USDC. Enter the amount you want to send
• Enter your self-custody wallet address. If you’re using Coinbase Wallet, find your address by tapping ‘Receive’, then select the token you’re trying to receive and copy your address
• Preview your send, tap the arrow next to Network, and select your preferred network
• Complete your send

For users purchasing or transferring crypto from Coinbase using their Coinbase Wallet mobile app*:

• Navigate to the Settings tab and select ‘Buy or Transfer’
• Select ETH, MATIC or USDC and enter the amount you’d like to buy or transfer from Coinbase
• Tap the network icon in the top right corner of the app. Choose your preferred network
• Select ‘Continue’ to preview the details of your purchase or transfer, then tap ‘Confirm’ to complete your purchase

*If you’re using the new version of the Coinbase Wallet mobile app, refer to the instructions below.

For users purchasing or transferring crypto from Coinbase using their Coinbase Wallet browser extension:

• Click the ‘Buy’ icon (+) and choose ‘Add crypto with Coinbase Pay’
• Select ETH, MATIC or USDC and enter the amount you’d like to buy or transfer from Coinbase
• Select the network field to choose your preferred network
• Preview the details of your purchase or transfer, then click ‘Confirm’

For Coinbase Exchange customers*:

• From exchange.coinbase.com, choose Withdraw
• Select ETH, MATIC, or USDC and Withdraw to a Crypto Address
• Select the Network field and choose your preferred network
• Enter the wallet address you wish to withdraw to, and confirm your network selection
• Enter the withdrawal amount, and complete your withdrawal

*Alternatively, use your API key access and latest API documentation to add the network field to your deposits or withdrawals.

Looking Ahead

Coinbase aims to be the platform for transferring crypto throughout the cryptoeconomy by enabling users to route funds to any network, making it easier and cheaper to access web3 so that billions of people can power their financial lives with crypto rails. We’re excited to build on this foundation by adding support for more networks and assets to make it simpler for users to dive deeper into web3.

¹Multichain network availability limited by jurisdiction.

Send and receive crypto on multiple networks, starting with Polygon and Solana was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

TL;DR: Our latest integration with Primer will enable merchants to quickly and easily add cryptocurrency acceptance into their checkout experiences.

As the payments ecosystem continues to evolve, the checkout experience is getting even more complex. Consumers are faced with an increasing number of options for payment, and it’s crucial for merchants to ensure that consumers are offered maximum flexibility otherwise they risk losing business. For business owners, establishing and managing all of the connections needed to provide this flexibility can be convoluted, expensive, and time consuming. 40% of consumers surveyed globally said they planned to use cryptocurrency to make a payment within the next 12 months.* Coinbase’s integration with Primer will help merchants meet this demand by creating a seamless cryptocurrency checkout experience leveraging Coinbase Commerce.

Compass Mining Chief Product Officer Jameson Nunney accurately summed up the value of the integration for merchants: “We love the simplicity of quickly adding new connections like Coinbase and other payment providers within the Primer platform. We believe that this implementation will be instrumental in helping us reach our goal of growing globally and helping more people learn, explore, and mine Bitcoin.”

Primer is the world’s first automation platform for payments and commerce that offers a completely unified checkout and payment infrastructure. Their unique platform means:

• Merchants can connect and control their entire payment and commerce stack
• Anyone can build sophisticated payment flows with a no-code editor
• Any developer can build a connection with their open, agnostic framework

Collaborating with Primer will help make it simpler for mid-market and enterprise merchants across the globe to accept crypto payments with Coinbase Commerce.

Merchants interested in accepting cryptocurrency as a form of payment can learn more by heading to commerce.coinbase.com, and we’ll continue to share updates around integrations with new providers.

* Mastercard New Payments Index, 2021

Coinbase Commerce expands merchant access to crypto payment acceptance with Primer was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Use popular Ethereum dapps with Coinbase’s new dapp wallet and browser

Tl;dr: This post highlights the ability to access and explore web3 directly from your Coinbase app, powered by our new dapp wallet and dapp browser.

By Rishi Dean, Director of Product Management

Over the past year, there has been an explosion of interest in web3 and dapps, including NFTs, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs). The total value locked (TVL) of DeFi investments on the Ethereum blockchain has grown to over $110B USD, while NFTs sales have grown to over $30B USD in the last twelve months (LTM) — with new innovative real-world applications emerging every day.

Starting today, we’ll roll out the ability for a small set of Coinbase app users to access Ethereum-based dapps directly from the Coinbase app. This includes buying NFTs on marketplaces like Coinbase NFT and OpenSea, trading on Decentralized Exchanges like Uniswap and Sushiswap, and borrowing and lending through DeFi platforms like Curve and Compound.

This new ability, to access and explore web3 directly from your Coinbase app, is powered by our new dapp wallet and dapp browser.

Introducing web3 right in the Coinbase app

With today’s launch, users can explore dapps without having to manage a recovery phrase. This innovative dapp wallet experience is powered by Multi-Party Computation (MPC) technology that enables you to have a dedicated on-chain wallet that Coinbase helps you keep secured. This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase. Ultimately, this means if you lose access to your device, the key to your dapp wallet is still safe and Coinbase can assist in recovery through our live support.

To get started, go to the new “Browser” tab in the navigation bar at the bottom of the Android mobile app screen, and set up your new dapp wallet. Once set up, you can search, discover, and use Ethereum-based dapps directly in the new dapp browser of the Coinbase app.

Looking forward

We want to enable everyone to seamlessly and safely participate in web3, and today’s launch is another step on that journey. We’re rolling out the new dapp wallet and browser experience in the US on Android first to a small subset of users, and plan to expand to all users and platforms soon. Stay tuned!

Make sure to follow us on Twitter for the latest crypto and web3-related news and product announcements.

Access web3 with the Coinbase app was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.