GoMining launches GoBTC Pay SDK for onchain BTC payments vs Square
GoMining said it is taking on Block’s Square in bitcoin payments by unveiling an SDK and APIs for its GoBTC Pay protocol.
The key change: GoMining settles transactions directly in BTC on the Bitcoin network (non-custody, onchain finality), aiming to address issues it cites with BTC payments—high/variable fees and slow or unpredictable settlement. It estimates average settlement at about 12 hours.
GoBTC Pay will start with an initial group of 10 merchants. Merchants pay 0.2% in fees, split 50/50 between wallet providers and miners.
The company contrasts its approach with rivals like Square, which typically converts customer bitcoin into fiat by default. Under Square’s model, merchants receive BTC only if they opt into it, while GoMining’s merchants receive BTC by default, potentially making it easier for businesses to retain bitcoin rather than hold converted fiat.
GoMining is also using its Stratum V2 mining protocol to support GoBTC Pay settlement.
Bullish
This is likely a mild bullish catalyst for BTC because it expands distribution options for merchants and reinforces a “BTC-native” payment thesis. Historically, when payment infrastructure providers move toward clearer onchain settlement and better user experience (e.g., lower friction for BTC acceptance), BTC tends to see short-term sentiment support from “real adoption” narratives—even if volume impact is limited at first.
In the short term, traders may react positively to new merchant onboarding plans (10 merchants) and the headline differentiation vs Square (merchants receive BTC by default). That can add incremental bullish pressure to BTC-related themes, particularly if it’s followed by additional merchant announcements.
In the long term, if GoBTC Pay’s onchain settlement performance (about 12 hours) and fee model (0.2% split 50/50) prove reliable, it could encourage more businesses to hold BTC, supporting steadier demand. However, the market impact is not immediate because adoption starts small and execution risk remains (integration, settlement reliability, and competition with Lightning-based offerings). Overall, the expected effect is supportive but not strong enough to be classified as highly bullish.