Shopify CEO Tobi Lutke Takes Interest in Ethereum
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Shopify CEO Tobi Lutke Takes Interest in Ethereum

April 5, 2021      Deepshikha Gupta

Tobi Lutke, Chief Executive Officer of Shopify has plunged down the Ethereum rabbit hole. The boss of Canada’s most valuable public company recently tweeted about his plans of spending his whole morning learning about smart contracts and the ERC20 token standard.

The Crypto World Interest the Shopify CEO Tobi Lutke

Speaking of crypto, Tobi Lutke tweeted “I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world.” Later, Lutke asked Twitter about commerce-related opportunities presented by decentralized finance. Lutke indicated that his company was exploring ways to integrate with decentralized finance. 

In May 2020, Shopify partnered with CoinPayments to allow its merchants to get paid in crypto. The stock of the “Canadian Amazon” is itself reminiscent of a cryptocurrency, soaring over 500 percent in less than two years. Not only this, Shopify surpassed Royal Bank of Canada (RBC) to become the most valuable public company in the country last year. 

Shopify CEO Asks Twitter For Advice on Firm’s DeFi Role

On 3rd April, Lutke asked the DeFi community for ideas on the roles the company could play in the space, on Twitter. If something concrete comes of this it could give a big boost to the entire crypto ecosystem. 

The questions attracted several responses, including a request to support Bitcoin (BTC) Lightning payments, as well as stablecoin integration for Shopify-based payments. There were also several partnership proposals with top DeFi projects, including Compound Finance (COMP) and Aave (AAVE).

In any case, Shopify’s pondering of a future role in not only the cryptocurrency space, but the DeFi space is an endorsement of the space from a major company in the online retail world.

The retailing platform integrated BitPay and Coinbase Commerce last year to allow its merchants to begin accepting several cryptocurrencies as payment.

Nevertheless, industry giants are continuously showing interest in cryptocurrencies. From the latest, PayPal recently revealed a cryptocurrency payments solution for its checkout service.

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#AAVE #Bitcoin (BTC) #Compound Finance (COMP) #Decentralized Finance (DeFi) #Ethereum (ETH) #Shopify CEO Tobi Lutke
Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.