Coinbase CEO Urges Global Instant and Free Crypto Payments, Bitcoin Lightning Network Integration Proposed
Coinbase CEO Brian Armstrong is calling on the crypto community to work towards achieving instant and free global crypto payments. In a recent statement, Armstrong emphasized the need to accelerate the integration of Layer 2 solutions, improve on-ramps, and simplify the process of crypto onboarding. The goal is to enable payments that cost less than one cent and settle in under one second. Armstrong also hinted at using USTC stablecoins for transactions.
According to Armstrong, while crypto has the potential to enhance global payments infrastructure, it has yet to fully deliver on that promise. He compares payments to water, stating that they flow towards the path of least resistance. In response to Armstrong’s call, prominent Bitcoin maximalists, including Block co-founder Jack Dorsey and MicroStrategy executive chairman Michael Saylor, have suggested integrating the Bitcoin Lightning Network on Coinbase. They believe this would lead to faster payments and improved infrastructure.
However, Solana co-founder Anatoly Yakovenko disagrees with the Bitcoin Lightning Network as the solution. Yakovenko argues that Solana’s USDC is cheaper and faster than the Lightning Network, with an average confirmation time of just 1.3 seconds. The Solana community rallied behind Yakovenko’s claim, demonstrating support for Solana Pay.
The approval of a crypto bill for stablecoin payments and market structure by House Republicans and some Democrats is also expected to boost payments using USDC. Gabor Gurbacs, Tether and VanEck’s representative, noted that Tether is preferred by people in France.
As a result of these developments, the price of Solana (SOL) has experienced a 7% jump in the past 24 hours, with the current price sitting above $25. Trading volume has also surged by 100% during this period, indicating a growing interest among traders. CoinGape Market predicts that the price of Solana will surpass the psychological level of $30 due to the formation of a bullish pennant pattern.
In conclusion, Coinbase CEO Brian Armstrong is urging the crypto community to accelerate the progress towards instant and free global crypto payments. While some recommend integrating the Bitcoin Lightning Network, Solana’s co-founder believes that USDC on Solana offers a faster and cheaper alternative. With the approval of a crypto bill for stablecoin payments, the popularity of USDC is also expected to increase. As a result, the price of Solana has seen a notable rise, prompting predictions of its further growth in the near future.
