Shiba Inu survives while Coinbase drives BTC, Dogecoin and others out of the payments product

Coinbase recently updated its payments product, retaining Shiba Inu (SHIB) due to its EVM compatibility while removing coins such as Bitcoin and Dogecoin.

Coinbase Commerce, the payments-focused division of crypto giant Coinbase, recently made significant improvements to its underlying protocol.

The department's head of product, Lauren Dowling, revealed that the new upgrade includes the removal of Bitcoin and other UTXO-based cryptocurrencies, including Dogecoin and Litecoin.

To this end, Coinbase Commerce is introducing an open on-chain payment protocol that leverages the Ethereum Virtual Machine (EVM). The new protocol allows traders to send and receive assets over the Base network supported by Ethereum, Polygon and Coinbase.

1/ Hi guys, I'm the product lead for Coinbase Commerce and I'd like to share some thoughts on how the product is evolving, why we made these changes, and what this means for our asset support strategy going forward. 👇

— Lauren Dowling (@Lauren_Dowling_) February 17, 2024

The protocol automatically converts the transferred amount into USDC on-chain to eliminate volatility risk and allow traders to receive payments at a guaranteed rate.

However, the complexity involved in achieving a similar outcome with non-EVM-based coins such as Bitcoin, Litecoin and Dogecoin means that Coinbase Commerce will no longer accept these cryptocurrencies via the payment protocol.

– Advertising –

However, Coinbase will continue to support Bitcoin, Dogecoin, and Litecoin payments for merchants using a Coinbase account.

CEO Brian Armstrong also hinted that the platform may reintroduce Bitcoin payments over the Lightning Network in the future once the Layer 2 protocol integration is completed.

Shiba Inu aligns with Ethereum’s approach to interoperability

The latest development around Coinbase Commerce highlights an important feature for memecoin communities, namely interoperability.

In the case of Shiba Inu, the team's decision to build on a widely used network and ecosystem like Ethereum allows for broad interoperability with other products across the cryptocurrency industry.

Meanwhile, Shiba Inu has further adapted to Ethereum's interoperability approach by launching Shibarium, an EVM-compatible Layer 2 network. These and other initiatives from the Shiba Inu team ensure the longevity of the project and support the mainstream adoption of Shiba Inu.

Significantly, Shiba Inu remains among the top 20 cryptocurrencies by market capitalization despite the price being well below its all-time high. At the time of writing, the cryptocurrency is trading at $0.000009727, giving it a market cap of $5.7 billion.

Follow us on Twitter and Facebook.

Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.

-Advertising-

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers