An executive for the crypto payment service of the cryptocurrency exchange Coinbase made a statement. Commerce announced it was making the difficult call to remove native Bitcoin and other UTXO support on its platform. Lauren Dowling, product lead for Coinbase Commerce, stated that customers are encountering operational challenges with the product.
Coinbase Commerce announced its Bitcoin decision
Dowling attracted attention in a series of posts he made on X (formerly Twitter). He highlighted that customers face significant challenges with Coinbase Commerce due to crypto volatility risk, manual effort required to resolve erroneous payments, and limited asset support.
To overcome these issues, Dowling explained that the platform is developing an on-chain payment protocol that uses smart contracts and other tools to enable seamless off-chain trading. However, Dowling notes that the exchange is constantly exploring other ways to provide payment solutions to customers, including the use of Lightning Network and Solana. He also said:
In addressing these concerns, we saw an opportunity to create an open on-chain payment protocol that leverages smart contracts and other EVM tools to enable seamless on-chain trading without the operational and financial burdens of the legacy system.
COIN stock is on the rise
Meanwhile, Coinbase’s stock price recently rose following positive statements from a major investment bank. COIN rose 10% after JPMorgan upgraded the exchange’s shares to neutral. The bank’s expert analyzes the ongoing Bitcoin price momentum. He sees potential for COIN, especially given its strong connections to BTC. The price of COIN reached $180.31 on February 16 before markets closed for the weekend.
JPMorgan analyst Kenneth Worthington upgraded COIN from low to neutral as Bitcoin reached $52,400. Last month, Kenneth dropped share prices to $80, signaling a potential 35% decline. At the time of publication, the price of Bitcoin is $52,014.
Beware of scams
In the meantime, Coinbase customers are advised to be wary of clicking on any email links claiming to be from Coinbase. cryptokoin.com As we occasionally include in our news, there is a possibility that it is a scam in an attempt to steal all your crypto.
The scheme is known as the Coinbase reset scam. It involves crypto scammers collecting personal information from users and tricking them into resetting their Coinbase login information. Reports have recently pointed to the moves of these scammers. He reportedly deprived one victim in particular of more than 1,400 ETH worth an estimated $4 million.
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