Coinbase Commerce Integrates With Lightning Network And Solana

(CTN News) – The American crypto trading platform Coinbase Commerce, designed to enable merchants to accept cryptocurrency payments, has revealed plans to integrate Solana (SOL) and the Lightning Network in the future.

Re-strategizing Coinbase Commerce

As the digital currency ecosystem continues to evolve, Coinbase Commerce is revisiting its strategy in order to further empower users and merchants onboarded with the platform.

According to Lauren Dowling, the firm’s Product Lead, the team has evaluated its products and has made some changes to meet its core goals of serving all consumers. Lauren noted, as part of these efforts, that Coinbase Commerce no longer supports Bitcoin payments and UTXOs.

In addition, she noted that the lack of smart contract support on Bitcoin has made crypto payments more difficult to automate, particularly for Coinbase Commerce, which has an increasingly large user base. In addition, the Product Lead noted that the absence of a native stablecoin on Bitcoin has further complicated the entire mission of the firm with regard to Bitcoin.

Although Bitcoin has been removed from the platform, Lauren confirmed that users are still able to transact with other assets such as Base, Polygon, and Ethereum, as well as ERC-20-compliant protocols.

According to Lauren, the company plans to integrate Solana and the Lightning Network in order to continually enhance the customer experience. As a result of the integration, the company will also be in a position to properly evaluate support for other payment rails to ensure that the blockchain industry is incorporated appropriately.

Dominance in the industry by Coinbase

Though Coinbase may trail Binance Exchange in terms of daily trading volume, the company has certainly harnessed its influence in the United States market, particularly through Custody.

Aside from Coinbase Commerce, the exchange’s custody service is the most popular among spot Bitcoin ETF issuers in the country.

In addition to Grayscale Investments, BlackRock Inc. has embraced Custody, positioning the platform as one of the most important contributors to the Spot Bitcoin ETF’s success.

Coinbase recorded a better-than-expected revenue increase in the fourth quarter of 2023 due to its positioning and strategic products. Earlier this year, Coingape reported a profit of $273.4 million for Q4, compared with a loss of $557 million the previous year.

As a result of the earnings release, shares of the company increased by 15% to $180.31 on Friday.

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