Coinbase Commerce, the merchant payment solution powered by the crypto exchange behemoth Coinbase, has recently overhauled its payment processing system. The exchange removed top coins, such as Bitcoin (BTC) and Dogecoin (DOGE), from payment products, but left Shiba Inu (SHIB) untouched
Lauren Dowling, the product lead at Coinbase Commerce, shed light on the shift, stating that the platform saw the need to address operational concerns faced by customers by adopting an open on-chain protocol that leverages the Ethereum Virtual Machine (EVM).
Read Also: Shiba Inu (SHIB) Incorporated As Payment Method on Coinbase Commerce Platform
This move is designed to facilitate faster, more cost-effective, and reliable transactions. The new system will support payments across various networks, including Ethereum, Polygon, and the Coinbase-supported Base network, which is seen as a significant step up from the traditional UTXO-based currencies.
3/ 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.
— Lauren Dowling (@Lauren_Dowling_) February 17, 2024
Bitcoin (BTC) and Dogecoin (DOGE) Face Integration Challenges
The exclusion of Bitcoin (BTC) and Dogecoin (DOGE) from the new protocol is attributed to their complex and non-EVM-compatible architectures, which pose integration challenges.
Although Coinbase Commerce will continue to support these tokens through conventional account-based payments, their absence from the on-chain protocol has sparked discussions about their place in the future of crypto payments.
Shiba Inu (SHIB), often dismissed as just another meme coin, has defied expectations by building on the Ethereum blockchain and developing its EVM-compatible layer-2 network, Shibarium. This foresight has allowed SHIB to align with the interoperable direction of Coinbase Commerce’s payment protocol, securing its position in the platform’s plans.
Market Response to SHIB’s Endurance
Despite not being at its peak trading value, Shiba Inu (SHIB) has maintained its status as a top 20 cryptocurrency by market capitalization, reflecting a strong belief in its potential from the investor community. Coinbase’s decision to keep SHIB in its payment protocol further endorses the token’s credibility beyond its meme origins.
Coinbase CEO Brian Armstrong has implied the possibility of Bitcoin rejoining the ranks through future integration with the Lightning Network. This prospect opens up an exciting scenario where Bitcoin could potentially work alongside SHIB and other cryptocurrencies in shaping the future of digital payments.
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Coinbase Commerce’s latest update underscores the growing significance of interoperability in the realm of cryptocurrency payments. Projects that prioritize seamless integration across diverse platforms, like Shiba Inu (SHIB), are poised to excel in this evolving ecosystem.
Both merchants and investors should keep a close eye on these developments to make well-informed decisions regarding their engagement with digital currencies.
As the crypto payment landscape continues to evolve, the story of how each currency adapts and thrives in this changing environment is just beginning.
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