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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shopify CEO “dabbs” with Ethereum DeFi, will they integrate it?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ethereum ETH ETHUSD

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Via his Twitter handle, the CEO of subscription-based retail platform Shopify Tobi Lutke revealed that he has started “dabbling” with Ethereum. Specifically, Lutke stated that he has explored the decentralized finance sector and smart contracts on Ethereum for the purpose:

Mainly to understand how ERC20 works better. Fascinating world.

With approximately 500,000 active “stores”, 1 million subscribed businesses worldwide, and a market share surpassed only by Amazon and eBay, Shopify is one of the most relevant eCommerce platforms today.

Since 2014 or so, Shopify has accepted USDC and PAX, and other digital assets as a form of payment. Integrating the platform with a DeFi protocol could be the next step. In a subsequent tweet and after experimenting with smart contracts, Shopify’s CEO asked the following question to the crypto community on the referenced social network:

What are the commerce related opportunities that you are most excited about? What role do you want Shopify to play?

The executive stated that decentralized finance will be good for Shopify and was curious about a variety of topics such as NFT regulations, DAOs, and oracle services. His tweets received responses from users and Ethereum Core developers. Lutke asked:

what’s the technical mechanism for doing that? I imagine the oracles are basically smart contracts that periodically write these external values to the chain (and cause Events?). Is that funded by the users of the oracle? Is there an open source example contract?

Ethereum DeFi “aligned” with Shopify

Responding to a user’s concern about the incompatibility of decentralized finance and Shopify, Lutke stated that the “spirit” of the platform and DeFi are “aligned” and fit together. The executive explained:

Usually companies see a market like retail and say “cool, I’ll go win that market”. Shopify did “cool, let’s make sure everyone can participate”. So in spirit (not by your definition) we are helping push against centralization. Makes sense?

Lutke revealed that his mind “exploded” with the various opportunities but did not disclose further details about possible integration with the DeFi sector.

ETH is trading at $2,081 with gains of 1.7% in the last 24 hours. In the past week, ETH posts gains of 21.4%. Early last week, Visa announced that it would begin settling transactions on Ethereum. After the announcement, ETH received a bullish boost towards a new ATH.

Ethereum ETH ETHUSD
ETH with minor gains in the 24-hour chart. Source: ETHUSD Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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