Through his Twitter account, the CEO of subscription-based retail platform Shopify Tobi Lutke revealed that he has started “dabbling in” with Ethereum. Specifically, Lutke stated that he has explored the decentralized financial sector and smart contracts on Ethereum with the purpose:
Mainly to understand how ERC20 works better. Fascinating world.
With approximately 500,000 active “stores”, 1 million companies subscribed worldwide, and a market share second only to Amazon and eBay, Shopify is one of the most relevant e-commerce platforms today.
Since 2014 or so, Shopify has accepted USDC and PAX, and other digital assets as a form of payment. Integrating the platform with a DeFi protocol could be the next step. In a subsequent tweet and after experimenting with smart contracts, the CEO of Shopify asked the following question to the crypto community on the referenced social network:
What are the trade-related opportunities you are most excited about? What role do you want Shopify to play?
The executive stated that decentralized finance will be good for Shopify and was curious about a variety of topics, such as NFT regulations, DAO, and Oracle services. His tweets received responses from Ethereum Core users and developers. Lutke asked:
What is the technical mechanism to do that? I imagine oracles are basically smart contracts that periodically write these external values to the string (and cause Events?). Is it funded by oracle users? Is there an open source sample contract?
Ethereum DeFi “aligned” with Shopify
In response to a user’s concern about the incompatibility of decentralized finance and Shopify, Lutke stated that the “spirit” of the platform and DeFi are “aligned” and fit together. The executive explained:
Typically, companies look at a market like the retail one and say “great, I’m going to win that market.” Shopify did “great, let’s make sure everyone can participate.” So in spirit (not by your definition) we are helping to push against centralization. Makes sense?
Lutke revealed that his mind “exploded” with the various opportunities, but did not reveal further details about the possible integration with the DeFi sector.
ETH is trading at $ 2,081 with gains of 1.7% in the last 24 hours. In the last week, ETH posted gains of 21.4%. Earlier last week, Visa announced that it would begin settling transactions on Ethereum. After the announcement, ETH received a bullish momentum towards a new ATH.
ETH with minor gains on the 24-hour chart. Source: ETHUSD Tradingview