Coinbase Commerce: Integrating Solana and Lightning Network
Coinbase Commerce, the platform that enables merchants to accept crypto payments, has revealed its plans to integrate Solana (SOL) and Lightning Network in the long term. This move aims to enhance the payment experiences of its users and onboarded merchants.
Coinbase Commerce’s Restrategizing Efforts
Coinbase Commerce has been evaluating its products and making changes to align with its core goals. The platform has removed support for Bitcoin payments and UTXO due to the lack of smart contract enablement and native stablecoin on Bitcoin, making crypto payments difficult to automate. However, users can still transact with other assets like Base, Polygon, and Ethereum.
Integration of Solana and Lightning Network
- Coinbase Commerce plans to integrate Solana and Lightning Network to explore new ways to enhance customer experiences.
- This integration will position Coinbase Commerce to evaluate support for other payment rails and drive inclusion in the blockchain world.
Coinbase’s Dominance in the Industry
Despite trailing Binance Exchange in daily trading volume, Coinbase exerts its influence in the US market through Coinbase Custody.
Importance of Coinbase Custody
- Coinbase Custody is embraced by major spot Bitcoin ETF issuers like BlackRock Inc. and Grayscale Investments.
- This positions Coinbase as a key player in the success of spot Bitcoin ETF products.
Coinbase’s Revenue Boost
With its strategic products and positioning, Coinbase recorded better-than-expected revenue in Q4 2023, with a profit of $273.4 million compared to a loss of $557 million in the previous year.
Share Price Increase
- Following the earnings release, Coinbase’s shares jumped by 15% on Friday.
Hot Take: Coinbase Expanding Payment Options
Coinbase Commerce’s integration of Solana and Lightning Network reflects its commitment to enhancing payment options for crypto users. By exploring new ways to improve customer experiences and evaluating support for other payment rails, Coinbase aims to drive inclusion in the blockchain world. With its dominance in the US market through Coinbase Custody and strong financial performance, Coinbase continues to solidify its position as a leading player in the crypto industry.
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