Decentralized finance (DeFi) has been one of the hottest trends in the blockchain and cryptocurrency space over the past few months. Its importance has helped attract numerous firms into the market, and Shopify could be the next company to set up shop the in DeFi ecosystem.
Shopify CEO wants to firm’s DeFi role
The Chief Executive Officer of e-commerce platform Shopify, Tobi Lutke, asked the cryptocurrency community on Twitter about its role in the DeFi sector. The CEO posed the question on Friday as he seeks to know if Shopify can play a role in the emerging DeFi market.
Lutke tweeted that “Hey #DeFi Twitter. What are the commerce-related opportunities that you are most excited about? What role do you want Shopify to play?”
The Shopify CEO received numerous suggestions from the DeFi community and other platform users. Some of the users responded that Shopify could start by accepting stablecoins and other cryptocurrencies on its platform. This would make it easier for them to pay for goods on the e-commerce platform and boost cryptocurrency adoption.
Shopify also received partnership proposals from some of the leading DeFi projects, including Compound Finance (COMP) and Aave (AAVE). Despite that, some people were not convinced by the attempt as they see no place for Shopify in the decentralized financial world.
Shopify pushing to enter the crypto space
The e-commerce giant is working hard to enter the cryptocurrency space. Last year, the retail giant added BitPay and Coinbase Commerce to its platform, allowing merchants to accept several digital currencies as payment for their goods.
Shopify also joined the Facebook-initiated Libra Association that is working on developing and issuing the Diem stablecoin. This latest development might not be the end of Shopify’s comment on crypto as digital currencies continue to gain adoption from several businesses and companies globally.