Coinbase officially launched Coinbase Payments on June 18, a three-layer platform that enables commerce providers to add USDC checkout without running their blockchain infrastructure.

The stack begins with Stablecoin Checkout, a wallet-native interface that supports hundreds of wallets, delivers gas-free transactions, and records payments in USDC. 

Beneath it, an E-commerce Engine exposes application programming interfaces for authorization, capture, refunds, ledgering, and subscriptions, allowing payment service providers to integrate stablecoin flows into existing merchant dashboards. 

At the base, the Commerce Payments Protocol executes smart contract escrow and settlement on Base, Coinbase’s layer-2 network, in sub-second blocks. 

The company stated that the modular design eliminates the need for “crypto-native teams” and can settle global transactions at a lower cost than traditional card networks.

Early production use at Shopify

Shopify activated the stack last week for an early-access cohort of merchants, marking one of the first retail deployments of USDC at scale. 

Buyers pay in USDC, and Shopify receives fiat payouts unless a merchant opts to retain the stablecoin. 

Stripe helped abstract the crypto logic from sellers’ workflows, and Shopify plans to add 1% USDC cashback incentives for consumers. 

Coinbase stated that Stablecoin Checkout handles consumer interaction, the E-commerce Engine manages merchant controls through APIs, and the protocol layer facilitates smart-contract escrow and settlement behind the scenes.

Market context and adoption target

According to Coinbase, more than half of Fortune 500 firms are experimenting with on-chain tools while roughly one-third of small businesses already accept some form of crypto. 

By making stablecoin rails accessible through a single integration, the exchange aims to position USDC as a default internet payment method.

Additionally, platforms that onboard can add off-ramps to local currencies, audit trails via open-source contracts, and programmable reward systems in a forthcoming update.

Coinbase invited payment processors, marketplaces, and e-commerce software vendors to integrate immediately, noting that the same stack powering Shopify’s rollout is now available through the company’s developer portal.

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Transak, a Web3 onboarding infrastructure provider, has announced its role as the NFT Checkout partner for Lamborghini’s Fast ForWorld platform. Developed with Gravitaslabs and Animoca Brands’ Motorverse, this collaboration allows Lamborghini to offer digital assets, bringing NFTs to its global fanbase across more than 160 countries.

Through this partnership, Lamborghini NFTs will also be integrated into the Motorverse ecosystem, providing holders with additional functionality and engagement opportunities.

Fast Forworld NFT Drop Available Worldwide

Starting at 9 a.m. EST on November 7, 2024, Lamborghini fans and collectors can get exclusive NFTs, supported by Transak’s quick and streamlined payment options, using credit cards and bank transfers. Once acquired, these NFTs offer access to exclusive content and digital experiences in the Fast ForWorld platform and Motorverse.

This release includes a collection of NFTs featuring Transak branding on the Lamborghini Revuelto. These Transak-branded NFTs allow collectors to engage with both brands through a single digital asset.

“This partnership marks a bold new chapter for digital asset ownership and brand engagement,” said Sami Start, Co-Founder and CEO of Transak. “We’re excited to offer an accessible, seamless checkout experience for Lamborghini Fast ForWorld fans and collectors worldwide. By powering the NFT Checkout for such an iconic brand, we’re reaffirming our commitment to advancing the NFT ecosystem with secure, user-friendly solutions.”

Transak has already onboarded over 8 million users through its services, aiming to simplify NFT purchases with its checkout platform. This partnership also expands Transak’s reach into the lifestyle and luxury sectors, supporting its goal of providing accessible Web3 payment solutions for digital assets.

Lamborghini’s Fast ForWorld Platform

Developed by Gravitaslabs, Fast ForWorld serves as Lamborghini’s dedicated platform for Web3 engagement. The first version features a 3D wallet for storing digital items, including interoperable features for interacting with the digital supercars. Gravitaslabs specializes in building digital ecosystems and brings its experience with interactive worlds to the Fast ForWorld platform.

With expertise in Web3 strategy across automotive, sports, fashion, and music industries, Gravitaslabs supports brands in creating virtual experiences to engage global audiences. This digital platform immerses Lamborghini fans in an ecosystem where they can explore exclusive features.

Overall, Transak’s NFT Checkout aims to be a central element in the growing NFT marketplace, offering accessible payment methods for collectors interested in digital assets. By integrating payment solutions tailored for simplicity and security, Transak and Lamborghini hope to introduce a broader audience to exclusive digital collectables.

Editor’s note: Written with the assistance of AI – Edited and fact-checked by Jason Newey.