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CDS Crypto News Coinbase Commerce Drops Support for Bitcoin and UTXO Cryptocurrencies

Crypto News

Coinbase Commerce Drops Support for Bitcoin and UTXO Cryptocurrencies

Coinbase's merchant payment platform will cease support for Bitcoin and other UTXO coins, except for customers with existing exchange accounts.

Ecem EFE19/02/20241 Mins read357

Coinbase Commerce Drops Support For Bitcoin And Utxo Cryptocurrencies

Crypto News- Coinbase Commerce, the payment gateway offered by cryptocurrency exchange Coinbase, is set to discontinue its support for Bitcoin and similar UTXO coins. The decision comes as part of a broader overhaul of the product.

In a recent announcement on Feb. 18, Lauren Dowling, head of product at Coinbase, revealed that the revamped Coinbase Commerce will focus on on-chain payment details and will cater to hundreds of cryptocurrencies across platforms like Base, Polygon, and Ethereum. Additionally, payments will be automatically converted to USDC at a guaranteed rate for merchants.

Coinbase Commerce Drops Support for Bitcoin and UTXO Cryptocurrencies

Dowling explained the challenges in providing the same level of service for Bitcoin and UTXO coins without smart contracts and stablecoins, leading to the difficult decision to remove native support for these assets. However, she assured that customers could still use Bitcoin and other UTXO assets if they have a Coinbase.com account.

The news sparked mixed reactions from users, with some criticizing the requirement for customers to have a Coinbase account to make payments. One user likened it to mandating customers to be Bank of America clients for merchants who only bank with BofA.

Coinbase CEO Brian Armstrong defended the move, highlighting the new Ethereum Virtual Machine (EVM) payment protocol’s support for payments from any self-custody wallet. He emphasized the company’s belief that Layer 2 networks will drive the majority of crypto payments in the future.

Sources:unchainedcrypto

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Written by

Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

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