Shopify CEO Tobi Lutke revealed that he started exploring with ethereum and the DeFi space as well as smart contracts for the purpose of understanding how ERC20 works better so let’s read more in our latest cryptocurrency news today.
With about 500,000 active “stores” and a market share surpassing the one of eBay and Amazon, Shopify is one of the most relevant eCommerce platforms today. Since 2014, Shopify accepted PAX and USDC, and other digital assets as a form of payment, and integrating the platform with DeFi protocols could be the next logical step. In a tweet, the Shopify CEO asked the crypto community:
“What are the commerce related opportunities that you are most excited about? What role do you want Shopify to play?”
The executive noted that the decentralized finance space will be good for the platform and was curious about the variety of topics such as the NFT regulations, oracle services, and DAOs. His tweets received responses from Ethereum Core developers and users, as well as Lutke, asked:
“what’s the technical mechanism for doing that? I imagine the oracles are basically smart contracts that periodically write these external values to the chain (and cause Events?). Is that funded by the users of the oracle? Is there an open source example contract?”
Responding to the uses’ concern about the incompatibility of decentralized finance and his company Lutke stated that the “spirit” of the platform and DeFi are “aligned” as a perfect fit together. The executive commented:
“Usually companies see a market like retail and say “cool, I’ll go win that market”. Shopify did “cool, let’s make sure everyone can participate”. So in spirit (not by your definition) we are helping push against centralization. Makes sense?”
Tobi Lutke revealed that his mind was blown by the various opportunities but didn’t disclose further details about the integration with the DeFi sector. ETH is now trading at $2081 with gains of 1.7% over the past 24 hours. Over the past week, ETH posted huge gains especially after Visa announced that it will be settling transactions on Ethereum. After the announcement, ETH received a boost towards a new all-time high.
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