Sign Up on MEXC
Highlights
- Coinbase Commerce is poised to integrate Solana and Lightning Network
- The outfit has removed support for Bitcoin and UTXO
- Coinbase dominance in the crypto market keeps expanding
Coinbase Commerce, the offshoot of the American crypto trading platform designed to enable acceptance of crypto payments by merchants has unveiled its plans to integrate Solana (SOL) and Lightning Network in the long term.
Coinbase Commerce is Re-Strategizing
With the ongoing evolution in the digital currency ecosystem, Coinbase Commerce is restrategizing in a bid to further empower its users and onboarded merchants.
According to a recent X post from Lauren Dowling, the firm’s Product Lead, the team has been evaluating its products and has made some changes to meet its core goals of serving everyone. As part of its efforts, Lauren noted that Coinbase Commerce has removed support for Bitcoin payments and UTXO for some reasons.
She noted that the unavailability of smart contract enablement on Bitcoin has further made crypto payments difficult to automate, especially for Coinbase Commerce with a growing user base. The Product Lead also noted that the absence of native stablecoin on Bitcoin has further complicated the entire mission of the firm as it relates to BTC.
Despite removing support for Bitcoin, Lauren confirmed that users can still transact with other assets Base, Polygon, and Ethereum, or protocols that conform with the ERC-20 standard.
Lauren noted that the plans to integrate Solana and the Lightning Network are the firm’s attempt to continually explore new ways to enhance the experiences of its customers. The integration will also position it in a place to properly evaluate support for other payment rails to drive inclusion in the blockchain world.
10/ We are constantly exploring new ways to enhance the experience for our customers, including evaluating support for other payment rails like the Lightning Network and Solana and welcome your feedback.
— Lauren Dowling (@Lauren_Dowling_) February 17, 2024
Coinbase Exerting Dominance in the Industry
Coinbase might be trailing Binance Exchange in terms of daily trading volume, it certainly is harnessing its influence in the United States market, especially through the Coinbase Custody venture.
Beyond Coinbase Commerce, the exchange’s custody is the dominant one being embraced by the majority of the spot Bitcoin ETF issuers in the country. From BlackRock Inc. to Grayscale Investments, the embrace of Coinbase Custody has positioned the trading platform as one of the most important players in the successes the Spot Bitcoin ETF products have received thus far.
With its positioning and strategic products, Coinbase recorded a better-than-expected revenue boost in the fourth quarter of 2023. Per an earlier Coingape report, the firm’s profit for Q4 came in at $273.4 million, up from a loss of $557 million in the year-ago period.
Following the earnings release, the company’s shares jumped by 15% on Friday to $180.31
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub
- Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
