Coinbase Kicked out Bitcoin, Retain Shiba Inu
The crypto payment platform Coinbase Commerce which is a division of Coinbase has embarked on a remarkable upgrade of its underlying protocol.
The product leader, Lauren Dowling, uncovered that the new update consists of the expulsing of Bitcoin and other UTXO-based digital currencies, including Dogecoin and Litecoin.
For the previously mentioned, Coinbase Business is presenting an open on-chain payment protocol that uses the Ethereum Virtual Machine (EVM). The new protocol will permit vendors to send and get assets across Ethereum, Polygon, and Coinbase-supported Base network.
1/ Hey folks, I’m the product lead for Coinbase Commerce and want to share some thoughts on how the product is evolving, why we’ve made these changes, and clarify what it means for our asset support strategy moving forward. 👇
— Lauren Dowling (@Lauren_Dowling_) February 17, 2024
The protocol automatically converts the transfered sum completely to USDC on-chain to take out volatility risk and permits traders to get payment at a reliable rate.
In any case, the intricacies related with accomplishing a comparative result with non-EVM-based coins like Bitcoin, Litecoin, and Dogecoin implies Coinbase Commerce will not acknowledge these digital currencies through the payment protocol.
However, Coinbase will keep on supporting Bitcoin, Dogecoin, and Litecoin payment for vendors on the chance that they utilize a Coinbase account.
CEO Brian Armstrong likewise mentioned that they may reinstate Bitcoin payment through the Lightning Network in the future when it finishes an integration of the layer-2 protocol.
Read Also: Shiba Inu Merge With CoinMarketCap, CoinGecko
Ethereum’s Interperobility Approach
The most recent advancement including Coinbase Commerce underlines a significant component for memecoin networks, which is, interoperability.
On account of Shiba Inu, the team’s choice to expand on a generally utilized network and ecosystem like Ethereum takes into consideration wide interoperability with different product across the crypto space.
In the mean time, Shiba Inu has additionally conformed to Ethereum’s interoperability approach by the launch of Shibarium, an EVM-compatible layer-2 network. This and different initiatives by the Shiba Inu team guarantee the project’s life span and backing standard of Shiba Inu.
Obviously, Shiba Inu stays among the main 20 cryptocurrency by market capitalization regardless of its price trading underneath its all-time high. It currently trades at $0.000009727 at the hour of composing, keeping a $5.7 billion market cap.
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