CEO of Shopify Shows Interest For DeFi

Tuesday 06 April 2021, 7:00 AM AEST - 1 week ago

Shopify – an online platform that allows users to quickly build their own eCommerce store – has recently posted on Twitter about DeFi, asking for suggestions on how he can help the DeFi movement be pushed to the forefront of economic transactions.

Suggestions Requested

Although Shopify has been accepting crypto integrations since around 2014 – and an Aussie dev has been working independently on a Cardano integration, whose source code is freely available on GitHub, this tweet seems like a request for ideas to make DeFi a more official part of Shopify – which would most likely also come with support from the platform. This would in turn make investors more likely to consider supporting both Shopify and the DeFi ecosystem.

Several DeFi bigshots eagerly responded with suggestions, including Nansen’s Alex Svanevik’s suggestion to allow stablecoin payments and yields on cash stored in Shopify accounts.

ConsenSys’s Corbin Page also pointed to a project he and Jordan Lyall had made at the Ethereum Denver event a year back that would allow willing eShop owners to do just that.

Shopify CEO Tobi Lutke went on to say that his ethos coincides with decentralization – and that he’s been a fan of the concept even before crypto was a thing.

“Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity. Over a million businesses use us around the world. 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?”

As one of the top companies in Canada – ranked in Forbes’s top 50 Canadian companies – the adoption of blockchain by Shopify could be a major landmark for the banking industry and DeFi investors alike.

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