GoMining launches Bitcoin settlement payment system GoBTC Pay, challenging Square

Odaily Bitcoin mining company GoMining announced the launch of its payment protocol GoBTC Pay, along with open SDK and API, allowing merchants to directly integrate a Bitcoin payment system for daily goods and service settlements.

This solution is seen as a direct competitor to the Block (Square) payment system. Unlike platforms such as Square that typically convert merchant settlements into fiat currency, GoMining emphasizes that its entire system processes settlements in Bitcoin without relying on default fiat conversion. GoMining stated that merchants can complete transaction settlements through GoBTC Pay on the Bitcoin network, with an average confirmation time of approximately 12 hours, and it operates based on its Stratum V2 mining protocol. The system's transaction fee is approximately 0.2%, split proportionally between the wallet provider and miners. (CoinDesk)