Coinbase CEO: Cryptocurrency payments will mainly occur on L2 blockchain, Coinbase is integrating Lightning Network
February 18th, 2024

In response to the statement that "Coinbase Commerce no longer accepts payments using self-hosted Bitcoin wallets or other applications," Coinbase CEO Brian Armstrong responded on Twitter that Commerce uses the new EVM payment protocol and users can pay from any self-hosted wallet. We believe that payments using cryptocurrencies in the future will mainly occur on the L2 blockchain, and we hope to help achieve this goal. Currently the fastest checkout on Commerce is using any ERC-20 on the L2 blockchain (Base, Polygon, etc.) including Ethereum, USDC, wrapped Bitcoin and thousands of ERC-20 tokens. As an alternative, if customers have a Coinbase account, they can pay using their Coinbase account, which includes paying directly with Bitcoin. Additionally, Coinba is integrating the Lightning Network. I hope there will be opportunities to use the Lightning Network for commercial payments in the future. We believe that using cryptocurrencies for online payments will not truly become mainstream until we move away from the first layer and reduce transaction fees and confirmation times, so we are working hard to accelerate the move towards this world.

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