GoMining Launches Bitcoin Payment Protocol GoBTC Pay, Challenging Jack Dorsey’s Square

CoinFeed June 19 news, according to CoinDesk, Bitcoin mining company GoMining announced the launch of the software development kit (SDK) and API interface for the Bitcoin payment protocol GoBTC Pay, allowing merchants to directly accept BTC payments for daily consumption, further competing with Block Square. GoMining stated that its core difference from competitors like Square is that transactions are settled entirely in Bitcoin, rather than being converted to fiat by default. GoBTC Pay is built on the Bitcoin network and the Stratum V2 mining pool protocol, with an average settlement time of about 12 hours and a merchant fee of 0.2%, split equally between wallet service providers and miners. The company plans to onboard 10 merchants initially, betting that more merchants will choose to hold Bitcoin directly rather than selling it immediately in the future.