- Shopify CEO tweet to consult the DeFi community on a possible role in the space.
- The DeFi society is most excited for Shopify’s position itself.
- PayPal recently revealed a cryptocurrency payments solution for its checkout service.
Shopify CEO Tobi Lutke consulted the decentralized finance (DeFi) community on Shopify’s possible role in the DeFi space in a tweet post. As a result, this made the decentralized finance society excited.
Furthermore, the question attracts numerous responses, including Bitcoin payments, as well as stablecoin combinations for Shopify-based payments.
However, Shopify does not convince everyone about its possible DeFi integration interest. Paul Everton argues that the DeFi space might not be suitable for companies that perform in the real world like Shopify, citing high transaction fees.
Hey #DeFi Twitter👋. What are the commerce related opportunities that you are most excited about? What role do you want Shopify to play?
— Tobi Lutke 🌳🌲🛒🕹 (@tobi) April 2, 2021
DeFi enthusiasts immediately pointed out that this was only true if you disregarded layer two solutions. Also, most were much cheaper than 99.9% of Shopify’s transactions.
In any case, Shopify’s pondering of a prospective role in not only the cryptocurrency space but also the DeFi space is an endorsement of the space from a significant company in the online retail world.
On the other hand, PayPal launched a solution named “Checkout with Crypto” that lets users pay with Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. This comes after the payments giant enabled crypto trading on its platform towards the end of last year. Meanwhile, PayPal opponents such as Visa and Mastercard are now integrating cryptocurrency payment solutions in a trend that is becoming the new normal.