tl;dr
Coinbase Commerce is making significant changes, including removing support for Bitcoin payments and UTXO, and planning to integrate Solana and the Lightning Network in the long term. The company's Coinbase Custody venture is dominant among spot Bitcoin ETF issuers in the US, and its profit for Q4 o...
Coinbase Commerce is making significant changes, including removing support for Bitcoin payments and UTXO, and planning to integrate Solana and the Lightning Network in the long term. The company's Coinbase Custody venture is dominant among spot Bitcoin ETF issuers in the US, and its profit for Q4 of 2023 was $273.4 million, up from a loss of $557 million in the year-ago period. These changes and strategic positioning have led to a 15% increase in the company's shares.
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. With the ongoing evolution in the digital currency ecosystem, Coinbase Commerce is restrategizing to further empower its users and onboarded merchants. The team has removed support for Bitcoin payments and UTXO due to the unavailability of smart contract enablement on Bitcoin, making crypto payments difficult to automate. Despite this change, users can still transact with other assets Base, Polygon, and Ethereum that conform with the ERC-20 standard. Plans to integrate Solana and the Lightning Network are the firm’s attempt to enhance the experiences of its customers and position it to properly evaluate support for other payment rails to drive inclusion in the blockchain world.
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