It appears like Tobi Lutke has plunged down to the DeFi and Ethereum rabbit hole. To be more precise, Shopify’s CEO went on to Twitter and told the world about his whole morning being spent learning about smart contracts and the ERC20 token standard:
Basically, he asked the community about how Shopify could play a bigger role in making crypto payments mainstream, after Tesla started accepting payments in Bitcoin for their EVs.
The response of the Twitter community was, let’s say enthusiastic, with developers suggesting Bitcoin Lightning payments, as well as stablecoin integration for Shopify-based payments, merchants airdrop NFTs, merchants fundraise via compliant token sales, to name just a few.
This may be regarded as yet another step from big corporations like Shopify towards normalizing crypto usage among normies. The question is: centralized or decentralized? Lutke thinks that:
“Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity. Over a million businesses use us around the world.”
It’s interesting to see how in the last year, many companies started adopting crypto payments, and we’re talking about mainstream/trillion dollar brands like Tesla or Shopify. The latter already integrated BitPay and Coinbase Commerce in 2020 to allow merchants to accept cryptocurrencies as payment on its platform, while PayPal rolled out “Checkout With Crypto” recently, a cryptocurrency payments solution for its checkout service.
Visa, Mastercard, and Circle are also integrating cryptocurrency payments.