Hi, i want to receive USDC / USDT payments and also pay via USDC / USDT to my customer, somehow acting like a middlemen in the Application that i am creating. Is this possible via the Commerce API? Do my customer need a Coinbase account ?
Hi @Seyed! Welcome to the Coinbase Cloud Developer’s Forum!
We appreciate your enthusiasm in using Coinbase Cloud APIs and services, and we’re glad to help. But in order to ensure that we are on the same page with you, we would like to you to provide us first with the following information:
- Can you elaborate further when you said “and also pay via USDC / USDT to my customer, somehow acting like a middlemen in the Application that i am creating?”
- Can you also confirm if you actually meant receiving USDC/USDT payments in general, or you are also referring to receiving it through a “middlemen”?
- If possible, can you provide an example scenario to better demonstrate your use case? This is essential for us in order to arrive with a more accurate solution to your concern.
In the meantime, we would like to also provide you with a better context about Coinbase Commerce as this may also help you check whether it suits your intended use case. Basically, Coinbase Commerce is a dedicated product that lets you integrate cryptocurrency payments into your business. Customers, in general, pay you directly from their computer or mobile device using the blockchain as the settlement network. When a customer requests to pay you (the merchant) with cryptocurrency, we create a charge representing the expected payment. A charge is like a request for payment in the form of an amount and blockchain address – the amount to paid and a blockchain address to which the customer should send it. Coinbase continuously monitors the blockchain to detect when payments are made. You may refer to the Payment Flow Diagram in this documentation for more information.
Moreover, as you were specific with USDC/USDT assets, we also would like to note that based on this Help Center article, only the following cryptocurrencies are supported for payments with Coinbase Commerce for now: Bitcoin (BTC), Bitcoin Cash (BCH), DAI*, Ethereum (ETH), USD Coin (USDC), APECoin (APE), DOGECoin (DOGE), Shiba Inu (SHIB). Hence, it is to be noted that unfortunately, USDT is not yet listed here.
We hope this helps. And once you send us the information requested above, we’ll work to quickly address your concerns. Thank you and have a great day!
Thank you for your support, so basically the Application model is like:
Let say “Bob” is offering a Service in the Application and “Alice” wants to book that, so Alice send a book request in the Application and the Application sends a request to Bob.
If yes then the Application has to receive USDC and allocate the coins that Bob wants for the Service and If bob finish his Service the allocated USDC will be free except the fees that are subtracted from the coins.
So basically we want to receive USDC and hold them or allocate them and then also send USDC.
Now the question is to work with the Circle API directly or use Coinbase API for the transactions.
Hi @Seyed! Thank you for taking an interest in trying out Coinbase APIs. For the details regarding your inquiry, we will check on this for you with our team to see how we can best assist. We’ll get back to you once we have more information. Keep in touch!
Yes - you can @jewelliii .
We cannot speak to the capabilities of Circle’s API however, you may receive USDC and USDT to any of the addresses generated by the Commerce API.
These funds (from “Alice”) will settle in either Exchange or your Merchant Dashboard (if you are a self managed Coinbase Commerce customer).
From Exchange or the Merchant Dashboard, you may send the appropriate funds to your service providers (Bob).
Customers nor service providers are required to have a Coinbase account. However, the more customers and service providers that have Coinbase retail accounts, the more fees you can avoid. This is possible via off-chain sends.
I hope this help.
Thank you for your detailed answer.
Is it also possible to send from the Exchange or Merchant Dashboard via the API or I have to do it manually? I would like to do it fully automatically something like, if a statement is true then send out the amount of money to the service provider (Bob).
Sends/withdrawals can be automated for Managed Commerce customrs using Coinbase Exchange APIs (withdrawal/crypto endpoint) .
Self Managed users will need to do this manually for the time being.