Author: Sjors Provoost 2017-12-20 08:49:09
Published on: 2017-12-20T08:49:09+00:00
Nicolas Dorier has proposed a simple protocol, Crypto Open Exchange Protocol (COX), for decoupling payment processor solutions from exchanges. He believes that this would be useful for local exchanges which do not have the resources to develop their own payment solutions. The protocol provides a way for merchants to protect against cryptocurrency volatility and gives them the freedom to choose their own payment processor solution. The exchange compatible with COX would reply to any HTTP POST request to the address source URI returning the following information - deposit address for accepting a payment, the current rate and optional if the exchange is willing to take the risk of rate fluctuation, until when this rate is guaranteed and under which conditions. COX could also make it possible for merchants to cash out BTC in fiat while giving them the freedom to choose their own payment processor solution.
Updated on: 2023-06-12T23:13:10.323115+00:00