Key facts
- GoMining launched its GoBTC Pay SDK and API, a layer 1 Bitcoin payment protocol.
- The protocol enables merchants and wallet providers to accept Bitcoin for commerce.
- GoBTC Pay settles transactions directly on the Bitcoin network without compromising user custody.
- The system targets an average settlement window of 12 hours.
- Merchants are charged a 0.2% transaction fee, split among wallet providers and miners.
GoMining has launched its GoBTC Pay Gen1 SDK and API, a layer 1 Bitcoin payment protocol designed to enable merchants, wallet providers, and ecosystem partners to integrate Bitcoin payments into everyday commerce. The system aims to offer a fiat-like payment experience while settling transactions directly on the Bitcoin network, without compromising user ownership and custody.
GoMining CEO Mark Zalan stated that the launch fulfills Satoshi's vision of Bitcoin moving value between people, making it more than just an idle asset. The protocol utilizes GoMining's private 15EH/s mempool built on the Stratum V2 protocol, prioritizing GoBTC Pay transactions. It targets an average settlement window of 12 hours, with merchants paying a 0.2% transaction fee that is split among participating wallet providers and miners.
The company plans an initial rollout with 10 merchants before scaling the ecosystem. This move positions GoBTC Pay as a competitor to platforms like Block's Square, which typically convert Bitcoin payments to fiat currency by default. GoBTC Pay caters to businesses that prefer to hold a portion of their revenue in Bitcoin.