Ethereum Payments Coming to Amazon Thanks to CLIC Technology and Opporty via Browser App

The use of cryptocurrency to make purchases across popular retail platforms has gained traction in the last few years with many merchants from sectors such as clothing to travel and others now accepting various cryptocurrencies in exchange for their goods.

By far the most popular payment options is Bitcoin as it is the most popular cryptocurrency but others are quickly catching on and also gaining just as much popularity and one of these is ethereum. Ethereum is already accepted by a number of merchants worldwide it seems that it will soon be able to be used to make purchases on Amazon as two blockchain startups are teaming up to make this a possibility.

The two firms in question are CLIC technology, a crypto payments firm as well as Opporty, a B2B platform and they announced on June 14, 2019, that they are working to develop and app-like browser extension to allow those shopping on Amazon to pay for their items with ether and essentially bypass the usual Amazon policy of not accepting cryptocurrency.

Details And Implications

The project in question will be based on plasma cash, which is a technology that had been spoken of in March 2018 by Vitalik Buterin, the co-founder of ethereum. The will be implementing this concept as a payment scaling solution that has similarities to the Bitcoin lightning network and according to the press release, it will bring a modern-day cryptocurrency economy a step closer to becoming a reality.

The reason this is needed is that traditional ethereum-based platforms do not have the capacity to handle the number of transactions that will be needed. On average, an ethereum based platform is created to handle about 20 transactions per second which are not compatible for a functioning financial ecosystem especially compared to Amazon who processes roughly 300 transactions per second which will make it harder to implement cryptocurrency. Using the new plasma cash project, the technology can be used to accelerate transaction speeds while reducing loads on the system as such higher transaction numbers can be recorded by second and could potentially exceed those of Visa and Mastercard.

“Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries,”

said CLIC Technology CEO Roman Bond.

“We're excited to be working on this project with Opporty, and to move forward on a number of other ambitious projects with them as well.”

The companies intend to create payment platforms not only for ethereum but for tokens that are based on ERC-20 or ERC-721 which opens a new world of possibilities for consumers to use digital currency e-commerce platforms.

This is an important move because e-commerce platforms are an essential part of modern life and them beginning to accept cryptocurrency-based payments means that adoption can easily be achieved especially considering the Amazon is a giant in the e-commerce market and allowing cryptocurrency to be used as payment will further benefit crypto users as a whole.

Needless to say, this project is a highly anticipated not only for the convenience that it will afford customers but also because of what it could mean for mainstream adoption should this be applied for other large sites beyond just Amazon.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Tokoni Uti
Tokoni Uti
Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,234FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today