tl;dr
The digital payment service of cryptocurrency exchange Coinbase, Coinbase Commerce, has made the decision to remove native Bitcoin and UTXO support due to operational challenges faced by customers. In response, the platform has developed an on-chain payments protocol to enable seamless off-chain com...
The digital payment service of cryptocurrency exchange Coinbase, Coinbase Commerce, has made the decision to remove native Bitcoin and UTXO support due to operational challenges faced by customers. In response, the platform has developed an on-chain payments protocol to enable seamless off-chain commerce. Additionally, Coinbase’s stock price recently surged after JPMorgan upgraded it to neutral, and customers are advised to be cautious about potential scams involving email links claiming to be from Coinbase.
An executive for the digital payment service of cryptocurrency exchange Coinbase has announced that it has made the tough call to remove native Bitcoin and other UTXO support on its Commerce platform. Lauren Dowling, the product lead for Coinbase Commerce, stated that customers were facing operational challenges with the product. In a series of posts on X (formerly Twitter), Dowling emphasized that customers were facing significant challenges with Coinbase Commerce due to crypto volatility risk, manual effort required to resolve incorrect payments and limited asset support. Dowling clarified that to tackle these issues, the platform developed an on-chain payments protocol utilizing smart contracts and other tools to enable seamless off-chain commerce. However, Dowling notes that the exchange is constantly exploring other ways to bring payment solutions to customers, including the use of the Lightning Network and Solana.
Meanwhile, Coinbase’s stock price recently surged following positive remarks from a major investment bank. COIN rose 10% after JPMorgan upgraded the exchange’s stock to neutral. The bank’s expert sees potential for COIN, given its strong links to the sustained Bitcoin price momentum. COIN’s price reached $180.31 USD before markets closed on February 16 for the weekend. JPMorgan analyst Kenneth Worthington upgraded COIN to neutral from underweight as Bitcoin touched $52,400. Last month, Kenneth downgraded share prices to $80, indicating a potential 35% drop. At the time of publication, Bitcoin’s price is $52,014.
Furthermore, Coinbase customers are advised to be cautious about clicking on any email links claiming to be from Coinbase. There is a likely chance that it could be a scam in an attempt to steal all their crypto. The scheme is known as the Coinbase reset fraud, which involves crypto scammers gathering personal information from users to deceive them into resetting their Coinbase login credentials.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.