Shopify has been accepting PAX, USDC and other crypto assets as a payment method since 2014.
Shopify’s boss wants to know how the platform will create a product that will excite users in the DeFi industry.
Many DeFi users have answered this question, some suggested that Shopify should enable stablecoin payments.
Tobi Lutke, Chief Executive of the subscription-based platform Shopify, hinted that the subscription-based platform may soon enter the cryptocurrency space. He explained this on Twitter and added that he is already “dealing” 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 stated that he has also been researching the Decentralized Finance (DeFi) industry for a while. He said the main goal was to better understand how the ERC20 works.
Shopify is one of the largest streaming platforms with over 1 million subscribers and 500,000 active stores. Its market share was exceeded only by eBay and the online shopping giant Amazon.
Shopify was 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 payment methods. As Lutke points out, the next step is the integration of the platform with the DeFi protocol.
Interest in the DeFi industry is growing
The technology field is accelerating with the integration of DeFi to various functions. Several companies have launched or are preparing to launch products channeled into the DeFi ecosystem.
Along with this increased interest in the DeFi industry, the cryptocurrency industry has also seen increased adoption in recent months.
Shopify wanted to enable acceptance of stablecoin
Lutke asked a related question to the crypto community, wanting to know his thoughts on the DeFi ecosystem and what role Shopify can play here:
What are the investment opportunities you are most excited about? What role do you want Shopify to play?
Some DeFi users have suggested that Shopify needs to enable cash in their accounts on the platform to earn returns using DeFi protocols. Others said that Shopify should enable stablecoin payments on the platform.
Other answers showed the leverage of the funds deposited for real-time subscription fees and payments.
It is currently unclear whether Shopify will implement all of these suggestions or when any of them will be implemented. But the platform’s interest in decentralized finance integration is a testament to the rapid growth of the ecosystem.