⚡️Coinbase Commerce suspends trading for Bitcoin and UTXO coins

⚡️Coinbase Commerce suspends trading for Bitcoin and UTXO coins

According to company representatives, the decision was made due to problems with the update of the EVM payment protocol for bitcoins. The platform automatically converted to USDC on-chain at a guaranteed rate. Providing similar capabilities on the BTC blockchain, which does not provide for smart contracts or stablecoins, turned out to be a difficult task, leading to the suspension of Bitcoin and UTXO integration.

➡️ Commerce focuses on the details of on-chain payments and supports a wide range of assets, including native tokens and ERC-20 tokens. Currently, Coinbase is working on the integration of the Lightning Network (a payment protocol designed to improve transactions on the BTC blockchain).

➡️ Thanks to these innovations, the platform promises to optimize transaction fees and confirmation time for cryptocurrency payments.

➡️ However, the decision to remove original trading for BTC has generated criticism from the community on social media: unlike Ethereum, the UTXO model is considered more flexible and secure, similar to traditional bank accounts.

➡️ Coinbase Commerce users will still be able to pay with bitcoins if they have a Coinbase account. However, the idea of being tied to Coinbase may not be attractive, especially in the midst of a SEC (U.S. Securities and Exchange Commission🇺🇸) lawsuit in which the company is accused of violating securities laws.