Will Shopify be integrated into the DeFi ecosystem?

Crypto’s way towards mainstream adoption takes another significant step forward. The CEO of an e-commerce giant, Shopify, is publicly pondering how to integrate his company with the Defi ecosystem. 

Tobi Lutke Tweeted on Friday asking the DeFi community what “role” Shopify could play in the growing financial vertical:

Hey #DeFi Twitter. What are the commerce related opportunities that you are most excited about? What role do you want Shopify to play?”

The inquiry drew hundreds of responses, including from multiple DeFi power players. The Co-founder and CEO of Nansen, Alex Svanevik mentioned stablecoin payments as well as using DeFi protocols to allow cash in Shopify accounts to earn yield.  ConsenSys‘ Corbin Page also pointed to a hackathon project that deposited payments directly into yield-bearing protocols.

More complex suggestions centered on:

  • leveraging deposited funds for payments,
  • real-time subscription fees,
  • using protocols like Alchemix to enable asset-backed loans for payments.

Lutke’s musing does seem to be a sign that he’s caught the crypto bug. Recently, he posted that he’d been “dabbling” with smart contracts, referring to their functionality as fascinating. Except for the tech, the Nansen CEO also seems to be taken with DeFi’s open, permissionless ethos.

In a Tweet, he said that while it certainly won’t fit a purist’s definition of decentralization, one of Shopify’s goals was reducing barriers and friction in online retail — a spiritual cousin to Defi:

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

What is Shopify?

Shopify is a subscription-based software that allows anyone to set up an online store and sell their products. Shopify store owners can also sell in physical locations using its POS, our point-of-sale app and accompanying hardware. If you’re a Shopify merchant with both an online and physical presence, your inventory and stock get synced. You are therefore able to manage your store(s) from one account, on any device.

Source: www.cointelegraph.com