Coinbase CEO: In the future, cryptocurrency payments will mainly occur on L2 blockchains, and Coinbase is integrating the Lightning Network

ChainCatcher message, in response to the statement "Coinbase Commerce no longer accepts payments using self-custodied Bitcoin wallets or other applications," Coinbase CEO Brian Armstrong stated on social media that Commerce is using a new EVM payment protocol, allowing users to pay from any self-custodied wallet. He believes that in the future, payments using cryptocurrency will mainly occur on L2 blockchains and hopes to help achieve this goal.

Currently, the fastest checkout method on Commerce is using any ERC-20 on L2 blockchains (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 direct payments with Bitcoin.

Additionally, Coinbase is integrating the Lightning Network. They hope to have the opportunity to use the Lightning Network for commercial payments in the future. They believe that until we move away from Layer 1 and reduce transaction fees and confirmation times, using cryptocurrency for online payments will not truly become mainstream, so they are working to accelerate the journey towards this world.