GoMining launches Bitcoin payments platform

• GoMining introduced developer tools for its GoBTC Pay platform, allowing merchants to accept Bitcoin (CRYPTO:BTC) payments directly on the Bitcoin network.
• The system charges a 0.2% transaction fee and settles payments in Bitcoin rather than converting them into fiat currency.
• GoMining said the launch is aimed at expanding Bitcoin payment adoption among merchants and developers.

GoMining launched a software development kit and application programming interfaces for its GoBTC Pay platform, enabling merchants to accept Bitcoin (CRYPTO:BTC) payments through direct onchain settlement.

The launch places GoMining in competition with payment providers including Block subsidiary Square, which also offers Bitcoin payment services to merchants.

“Our idea isn't to squeeze bitcoin into the old fiat experience and lose what makes it bitcoin along the way,” said GoMining CEO Mark Zalan.

GoBTC Pay settles transactions directly on the Bitcoin network using GoMining's Stratum V2 mining protocol, with the company reporting an average settlement time of about 12 hours and merchant fees of 0.2%.

GoMining said it plans to onboard an initial group of 10 merchants through the rollout, and following the announcement the Bitcoin price was approximately US$62,772.75.

Unlike Square's Bitcoin payment system, which converts payments into US dollars by default, GoBTC Pay is designed to complete transactions entirely in Bitcoin, with merchants responsible for any currency conversion.

GoMining said transaction fees will be split equally between wallet providers and miners as the company seeks to expand merchant adoption of direct Bitcoin payments.

At the time of reporting, Bitcoin price was $62,658.79.