With the CEO of an e-commerce giant publicly considering how to integrate his company with the Decentralized Finance (DeFi) ecosystem, cryptocurrency has taken an important step toward mainstream applications.
On Friday night, Shopify CEO Tobi Lutke posted a message on Twitter asking what the DeFi community Shopify could play in the growing financial vertical:
Hey #DeFi Twitter. What are the business opportunities you are most interested in? What role do you want Shopify to play?
-Tobi Lutke (@Tobi) April 2, 2021
This survey received hundreds of responses, including multiple players in the DeFi field. Alex Svanevik of Nansen mentioned stable currency payments and the use of DeFi protocols to get cash in Shopify accounts. Similarly, Corbin Page of ConsenSys also pointed out a hackathon project that directly introduces payment into a liquidity protocol.
More complex proposals focus on the use of deposit funds for payment, real-time subscription fees, and the use of protocols such as Alchemix to implement asset-backed loan payments.
Although this is highly speculative in nature, Lutke’s meditation seems to indicate that he has developed a huge interest in cryptocurrencies. Earlier in the day, he announced that he had been “trying out” smart contracts, calling their features “fascinating.” In addition to technology, the CEO also seems to be attracted by DeFi’s open and permissionless concept.
He said in a tweet that although it certainly does not fit the purist’s definition of decentralization, one of Shopify’s goals is to reduce barriers and frictions in online retail-which is similar to the spirit of DeFi:
Usually, when a company sees the retail market, it will say: “Okay, I’m going to win this market.” Shopify will say “Cool, let us make sure everyone can participate.” So, mentally (not according to your definition), we are helping to promote anti-centralization. Does it make sense?
-Tobi Lutke (@Tobi) April 3, 2021
If a DeFi feature does appear on the Shopify platform, it may immediately become one of the most important catalysts for adoption in the short history of DeFi. Shopify is the largest company in Canada and one of the largest in the northern hemisphere, with more than 3 million online stores.