Tobi Lutke, CEO of subscription-based platform Shopify, hinted that the subscription-based platform could soon enter the cryptocurrency space. He revealed this through his Twitter account, adding that he has already started ‘dabbling’ with Ethereum (ETH).
Speaking of crypto though- I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world.https: //t.co/6prYdR7EXd has been really helpful.
– Tobi Lutke 🌳🌲🛒🕹 (@tobi) April 2, 2021
Lutke also stated that he has been exploring the decentralized finance (DeFi) sector for some time. He said the main goal is to better understand how ERC20 works.
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Shopify is one of the largest streaming platforms with over 1 million subscribed businesses and 500,000 active stores. Its market share is second only to eBay and online shopping giant Amazon.
Shopify has been one of the first to adopt cryptocurrency as a means of payment for its services. The platform started accepting PAX, USDC, and other crypto assets as a payment method. The next step, as Lutke hinted at, is the integration of the platform with the DeFi protocol.
More interests in the DeFi sector
The tech space has gone haywire with the integration of DeFi into various functionalities. Several companies have launched or are preparing to launch products channeled into the DeFi ecosystem.
Along with this increased interest in the DeFi sector, the cryptocurrency industry has also seen increased adoption in recent months.
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Shopify was asked to enable acceptance of the stablecoin
In an attempt to get thoughts on the DeFi ecosystem and what role Shopify could play in it, Lutke asked the crypto community a related question. I ask,
What are the trade-related opportunities you are most excited about? What role do you want Shopify to play?
Several advanced DeFi players answered their questions, with some suggesting that Shopify should enable cash on the platform’s accounts for performance using DeFi protocols. Others also said that Shopify should enable stablecoin payments on the platform.
More responses suggested leveraging deposited funds for real-time subscription fees and payments.
It’s unclear if Shopify will implement all of these suggestions or when any of them will be implemented. But the platform’s interest in decentralized financial integration is proof of the expansive growth of the ecosystem.