Lauren Dowling
@LoDowling
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Building the future of crypto payments at Coinbase
Seattle
Joined February 2023
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1/ Hey folks, I’m the product lead for Coinbase Commerce and want to share some thoughts on how the product is evolving, why we’ve made these changes, and clarify what it means for our asset support strategy moving forward. 👇
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6/ Delivering these same capabilities on the Bitcoin blockchain without smart contracts and stablecoins was challenging & we therefore made the difficult decision to remove native Bitcoin & other UTXO support.
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4/ Customers can use any self-custody EVM wallet to pay. The fastest checkout is with any native asset or ERC-20 (including Wrapped Bitcoin) on L2s. Customers can also pay with any asset in their Coinbase account (including Bitcoin, Litecoin, and Doge).
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5/ The new Commerce product enforces the details of each payment onchain, supports hundreds of assets (native and ERC-20s) across Base, Polygon, and Ethereum, & automatically converts payments to USDC onchain at a guaranteed rate to merchants.
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11/ Learn more about our recent updates to Coinbase Commerce:
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2/ We built Coinbase Commerce to be the most seamless way to accept crypto payments, but customers were struggling with operational challenges managing:
- Crypto volatility risk
- Manual burden of resolving incorrect payments (eg: underpaid)
- Limited asset support
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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.
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10/ We are constantly exploring new ways to enhance the experience for our customers, including evaluating support for other payment rails like the Lightning Network and Solana and welcome your feedback.
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9/ Importantly, our onchain payments protocol is open and will remain open. Enabling customers to pay from their Coinbase accounts for tokens on networks not yet supported by our payments protocol bridges the gap until we are able to support those networks.
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8/ Since making the change, the results have brought us much closer to executing on our mission - seeing higher conversion rates, less manual effort, and glowing feedback from many merchants. 💬
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7/ Customers retain the ability to pay with UTXO assets like bitcoin from their Coinbase account, which accounts for a significant portion of the bitcoin volume we were seeing before making these changes.
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The amount of savings bringing commerce onchain can drive is massive for merchants! Payments onchain are 100x cheaper and settle in nearly instantly. It's time to
#UpdateTheSystem
The Visa / Mastercard swipe fee settlement is estimated to save retailers $30B
Moving onchain will save them 50x more - $1.5T+ 👇
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So excited and proud of our team for this launch! Such a huge step forward for crypto payments.
Setting a new standard for onchain payments
Introducing the updated Coinbase Commerce
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There's only one school counselor for every 408 students in need of mental health support.
My amazing friend
@mariabarrera__
's company
@Clayful
is filing that gap.
Congratulations on your official launch!! Read more from
@techcrunch
here:
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@loshan1212
Hi Loshan - Coinbase Commerce will be transitioning all users to the new version of the product on April 15th. We will still support self custody payments on Base, Polygon, and Ethereum. We will continue to support payments in BTC and LTC via
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