Shopify CEO Exploring DeFi Integration to E-Commerce Empire

The CEO of Shopify is considering integrating decentralized finance (DeFi) into the firm’s e-commerce platform.

As the DeFi industry continues to balloon, growing from a $26 billion market cap at the start of 2021 to a $106 billion market cap as of writing, Shopify CEO Tobi Lutke reveals on Twitter that he is interested in understanding how the e-commerce site could best utilize DeFi for its users.

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

DeFi uses blockchain technology to enable financial transactions such as trading and loans without the traditional central authority or intermediaries like brokers and banks. Much of DeFi is currently built on the Ethereum blockchain, a subject area in which Lutke also appears interested. 

This week, the CEO shared an episode of the Tim Ferriss Show with his followers, the subject of which is, “The Future of Bitcoin and Ethereum.”

Some responses to Lutke’s original DeFi inquiry include suggestions for new features such as support for stablecoin payments and Bitcoin (BTC) rewards for purchases.

Some responders levied critiques at Shopify’s centralized nature. However, Lutke says the platform supports decentralization.

“Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity. Over a million businesses use us around the world.”

Shopify currently powers over one million businesses across the globe and is currently valued at a $141 billion market cap.

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Featured Image: Shutterstock/GrandeDuc

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