Coinify Now Supports USDC on Arbitrum, Optimism, and Base for Payments
We’re happy to share that USDC on Arbitrum, Optimism, and Base is live across Coinify payment products. This update brings enhanced performance to our merchants and partners, making it faster, cheaper, and more efficient to process crypto payments with USDC.
Coinify merchants can now accept and process payments in USDC on these popular Ethereum Layer-2 networks. These networks are specifically built to scale Ethereum by reducing fees and increasing transaction speeds.
What Are Layer-2 Networks?
Layer-2 networks are secondary solutions built on top of a base blockchain (Layer 1) to enhance its performance. They process transactions off the main chain and then send the results back, leading to faster speeds and lower fees.
Why Do We Need Layer-2?
Blockchains like Ethereum are secure and decentralized, but they can become slow and expensive when too many people use them at once. This is because every transaction needs to be recorded and confirmed by many network participants (miners or validators).
Layer-2 networks reduce this burden by processing transactions off the main chain and then settling the results back on Layer-1. This allows for:
Lower fees
Faster transactions
Higher throughput (more transactions per second)
Think of Ethereum as a busy highway where every car represents a transaction. During rush hour, the traffic gets heavy, and everything slows down. Layer-2 networks act like express lanes built above the main highway, they allow transactions to move faster and more efficiently while still being securely connected to the main Ethereum network.
Solutions like Optimism, Arbitrum, and Base are examples of Layer-2s built using Optimistic Rollups. These networks process transactions off-chain and then post a compressed summary back to Ethereum. This helps reduce congestion, lower transaction fees, and speed things up, all without sacrificing the security of the Layer-1 chain.
Benefits of Adding Optimism, Base and Arbitrum to Coinify Payments:
Lower Transaction Fees: Transactions on Layer-2 are much cheaper than on the Ethereum mainnet, making frequent payments more affordable.
Faster Transactions: Payments are processed and confirmed more quickly on Base, Optimism, and Arbitrum, creating a smoother experience for customers.
Ethereum-Grade Security: Even though transactions are processed off-chain, they inherit Ethereum’s security, decentralisation, and finality.
Scalability: Layer-2 networks can handle thousands of transactions per second, ensuring your business can scale without congestion or delays.
Improved Customer Experience: Lower fees and faster speeds reduce friction in the payment process, boosting customer satisfaction and conversion rates.
Broad Ecosystem Support: Base, Optimism, and Arbitrum are supported by numerous wallets and DeFi platforms, offering more flexibility for users.
Coinify’s Payments solution offers seamless API integration, supports settlement in either crypto or cash, and ensures quick bank payouts. With full regulatory compliance, support for over 35 cryptocurrencies, compatibility with all crypto wallets, and availability in more than 180 countries, Coinify makes accepting crypto payments simple, secure, and globally accessible.
If you're a Coinify merchant, there’s no action required; USDC on Base, Arbitrum and Optimism are enabled on payments for our merchants. You can just keep using Coinify as usual and start benefiting from faster, more cost-efficient transactions right away.
