It’s official – crypto buyers can now use the lighting network for their shopping on Amazon with Bitcoin. As the latest cryptocurrency news show, similar e-commerce sites are included in the new announcement, where a crypto payment processing startup named Moon shared that any lighting-enabled wallet can now be used through Moon’s browser extension.
All of this will make shopping on Amazon with Bitcoin possible. Before this lighting feature, there were roughly 250 beta users that already used Moon to spend crypto on e-commerce sites by connecting the browser extension to exchange accounts like Coinbase.
As the CEO of Moon named Ken Kruger noted:
“[The extension] will pop up a QR code and it will have the lightning invoice, which you could also copy and paste if you can’t use the QR code for some reason, and you’ll be able to pay with your favorite lightning wallet.”
However, users should know that shopping on Amazon with Bitcoin is not actually approved by Amazon itself. Instead, it is the browser extension which makes this possible – converting Bitcoin to fiat on the backend so that Amazon merchants receive fiat currency for their wares.
However, according to Kruger, by 2020 the lighting-enabled feature should allow shopping on Amazon with Bitcoin, regardless of whether the platform accepts Bitcoin directly.
“There’s no direct merchant integration. We’re integrating with the Visa and Mastercard networks and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction,” Kruger said and went viral on many best cryptocurrency news sites.
He further clarified that Moon manages payment channels and merely offers a simple interface for sending payments. Founded in New York last year and going from three people to a lucrative crypto business, Moon is now seen as one of the “anchor” crypto businesses with massive lucrative potential over the next five years.
In the meantime, Kruger is confident about the shopping on Amazon with Bitcoin, saying that his startup is now looking to raise a Series A in 2019 and continue learning from the user behaviour.
“There’s a lot of opportunities to help solve some of those usability problems and getting people onto the lightning network, increasing adoption in that way,” Kruger said. “We’re going to engage with other folks in the lightning community to see what people are doing, what they’re working on and if there are any significant gaps. We’d love to step in and help whenever possible,” Kruger concluded.
Right now, the extension’s lighting network functionality is still reviewed by the chrome Web Store and is anticipated to launch on Wednesday (tomorrow), according to Moon.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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