GoMining launches BTC payment protocol to rival Block's Square

GoBTC Pay provides merchants with a software development kit (SDK) and application programming interfaces (API) to integrate the payment solution into their services. Unlike many existing payment processors, GoBTC Pay settles transactions entirely in Bitcoin, with merchants responsible for any separate conversion to fiat. GoMining CEO Mark Zalan stated the company's goal is to address challenges such as high fees and slow transaction times inherent in traditional crypto payment systems.

The protocol operates on the Bitcoin network, leveraging the Stratum V2 mining protocol. It targets an average settlement finality of approximately 12 hours, with merchant fees set at 0.2%, split between miners and crypto wallet providers. GoMining plans to begin with an initial rollout involving 10 merchants before scaling the ecosystem.

GoMining's approach contrasts with competitors like Square, which typically converts Bitcoin payments to U.S. dollars by default. GoBTC Pay is targeting businesses that prefer to hold a portion of their revenue in Bitcoin. The company emphasizes preserving the non-custody and on-chain finality of Bitcoin, aiming to reduce settlement times and variable fees associated with legacy payment rails.