Shopify Is “Spiritually Aligned With Decentralizing Opportunity,” Says CEO As He “Dabbles” Into Ethereum & DeFi


The latest person to get an interest in decentralized finance (DeFi) is the chief executive officer of the e-commerce company Shopify, which has more than 1 million users.

“Hey DeFi Twitter. What are the commerce-related opportunities that you are most excited about? What role do you want Shopify to play?” tweeted Tobi Lutke on Saturday.

Nadav Hollander, Co-Founder & CEO of Ethereum wallet Dharma recommended Shopify to facilitate the tokenization of a seller's revenue stream, which he said would be “a massive new primitive for DeFi services.”

While some may feel off about a centralized organization getting into the DeFi scene, which has over $47.5 billion in total value locked (TVL), according to Lutke, “Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity.”

With its mission to have retail participate, “in spirit (not by your definition) we are helping push against centralization,” he added.

Before he asked about DeFi, Lutke shared that he has been exploring the second-largest network, Ethereum, which has been primarily used for building DeFi protocols.

“Speaking of crypto though- I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world,” Lutke said just the day before sharing his interest in DeFi.

Interestingly, the e-commerce site already supports cryptocurrency, and that too for a long time now; as shared by the Vice President of the company, Kaz Nejatian, “Shopify stores have been accepting crypto since at 2014 I think.”

Not only Shopify accepts the stablecoins USDC and PAX, and others, but they are also members of Facebook’s upcoming fiat-backed digital currency Diem.

“All of our merchants can accept a bunch of different cryptos through our payment integrations.”

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