An executive for the digital payment service of cryptocurrency exchange Coinbase has announced that it has made the tough call to remove native Bitcoin and other UTXO support.

Lauren Dowling, the product lead for Coinbase Commerce, stated that customers were facing operational challenges with the product.

Coinbase Commerce Stops Offering Native Bitcoin Payments

In a series of posts on X (formerly Twitter), Dowling emphasized that customers were facing significant challenges with Coinbase Commerce due to crypto volatility risk, manual effort required to resolve incorrect payments, and limited asset support.

Read more: Bitcoin Price Prediction 2024/2025/2030

Dowling clarified that to tackle these issues, they developed an on-chain payments protocol utilizing smart contracts and other tools to enable seamless off-chain commerce.

“In addressing these concerns, we saw an opportunity to build an open onchain payments protocol leveraging smart contracts and other EVM tools to enable seamless onchain commerce without the operational and financial burdens of the old system.”

However, Dowling notes that the exchange is constantly exploring other ways to bring payment solutions to customers, including the use of the Lightning Network and Solana.

Stock Price, Amid Coinbase Commerce Dropping Native Bitcoin Payments

Meanwhile, Coinbase’s stock price recently surged following positive remarks from a major investment bank.

COIN rose 10% after JPMorgan upgraded the exchange’s stock to neutral. The bank’s expert sees potential for COIN, given its strong links to the sustained Bitcoin price momentum.

COIN’s price

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Author: Ciaran Lyons

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