GoMining launches Bitcoin settlement payment system GoBTC Pay to challenge Square

Odaily reports that Bitcoin mining company GoMining has announced the launch of its payment protocol GoBTC Pay, with SDK and API now available. This will allow merchants to directly integrate Bitcoin payment systems for daily goods and service settlements.

This solution is considered a direct competitor to Block (Square)'s payment system. Unlike platforms like Square, which usually convert settlements to fiat currency on the merchant side, GoMining emphasizes that its system settles exclusively in Bitcoin without relying on default fiat conversions. GoMining stated that merchants can use GoBTC Pay to complete transaction settlements on the Bitcoin network, with an average confirmation time of around 12 hours, running based on its Stratum V2 mining protocol. The system's transaction fee is approximately 0.2%, divided proportionally between wallet providers and miners.