Crypto News: Coinbase CEO Paves ETH-L2 Base Mainstream Adoption
Cryptocurrencies are playing a more and more important role alongside fiat currencies in more and more areas of everyday life. Coinbase has now achieved this as well. Learn more about this and what it means for the crypto industry in this article.
Brian Armstrong, Coinbase CEO, announced on June 13 that his company will partner with Shopify to provide the Commerce Payments Protocol .
However, this is still in its early stages, making it available only to a limited audience . Strictly speaking, it's a payment protocol based on a smart contract on the Base Chain.
This is based on Coinbase Commerce, which was launched in 2018 and is used by numerous companies to process on-chain payments. Transactions in the stablecoin USDC can be easily processed via the Ethereum Layer 2 base.
Onchain payments are the future. Every business should develop a plan to accept stablecoin payments.The Commerce Payment Protocol we developed with Shopify is an open standard that any e-commerce solution or payment platform can integrate.
If you're a developer check it out.… https://t.co/hfOqHvuq1G
- Brian Armstrong (@brian_armstrong) June 13, 2025
This means that, alongside fiat currencies, cryptocurrencies are now available for payments on one of the largest hosting services for online shops. This protocol can be implemented quickly and easily by merchants on their websites , so adoption is expected to be positive.
So far, using the Ethereum blockchain still presents a challenge, with users in the worst case scenario being trapped on Layer 2 with their money if they do not have enough coins in the network for swaps, bridging, or transactions.
But the minutes-long bridging process and the high fees have also so far hampered the user experience. Some crypto experts even expect a possible split between Ethereum's base chain.
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The Commerce Payments Protocol was already being used by some online shops in a test phase in mid-May. Since then, more than 444 payments with a transaction volume of over USD 1,862 have been recorded. The average transaction value was USD 108 per payment.
This is due to some advanced features that facilitate cryptocurrency adoption. Due to their lower volatility and these features, they pose less concern for traders, which can boost adoption.
The Commerce Payments Protocol not only enables instant, low-cost, and trustworthy transactions thanks to blockchain technology, but also allows for refunds, partial payments, late payments, cancellations, and flexible fees.
Payments with Commerce Payments Protocol | Source: Dune - @sealaunch_team
This offers complete on-chain e-commerce processing . With lower fees and comparable user experience , demand is expected to continue to grow with the progressive adoption of Web 3. The golden age of crypto was ushered in with the inauguration of Donald Trump.
Nevertheless, there are numerous other blockchains that have emerged recently and challenge Ethereum. Particularly noteworthy are the recent developments in the Bitcoin ecosystem with Bitcoin Hyper Layer 2. This not only solves scaling problems but also enables innovative functionalities.
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Bitcoin is still primarily a cryptocurrency, but due to its slow speed and high fees, it doesn't even fully fulfill that purpose. Instead, it has evolved into a store of value due to its deflationary tokenomics and strong appreciation.
With the help of Bitcoin Hyper, BTC can not only be transferred for a fraction of a euro and at lightning-fast speeds thanks to significantly lower fees , which also makes Bitcoin attractive as a cryptocurrency again. Instead, it is being transformed into a fully-fledged Web 3 ecosystem that accommodates a wide variety of sectors.
It uses SVM technology, whose chain now boasts a latency of 100 ms and over 1.2 million transactions per second . This enables even the most demanding projects such as true on-chain gaming, high-frequency trading, AI networks, and much more.
The team is also looking to establish partnerships with other developers . This will enable a larger, decentralized offering to be deployed more quickly and cost-effectively. This, in turn, spreads the risks while simultaneously creating more opportunities. Bitcoin Hyper itself also plans to develop some applications to facilitate adoption and an SDK.
The ICO is proving to be a success, having already raised more than USD 1.23 million . In the current phase, the coins are being offered for USD 0.0119, but this phase is only active for less than two days. Particularly impressive is the high staking return of 605% , which, however, is adjusted depending on the staking pool.
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