Shopify CEO Discusses DeFi as Industry Continues to Grow

The CEO of Shopify, the e-commerce giant, discussed Decentralized Finance (DeFi) over Twitter while highlighting the company’s commitment to openness when it comes to decentralization, and allowing free participation on the market.

Shopify is one of the biggest e-commerce platforms in the world, accounting for over 20% of the market and showing revenue of over $2.9 billion in 2020. The platform is used by more than 400k online businesses and has processed over 1 billion orders since its launch in 2018.

Tobi Lutke, Shopify CEO, Tweeted on April 2 asking DeFi and crypto enthusiasts for their opinions on the role they wanted Shopify to play when it came to commerce-related opportunities in the DeFi industry, starting a discussion around the topic and the benefits of decentralization.

While Shopify has not integrated cryptocurrency and blockchain solutions into its infrastructure, the Tweet was seen by many as a possible indication of such a decision in the future.

Despite this, many DeFi enthusiasts were quick to point out that Shopify has been far from “Decentralized” up to this point, which prompted Lutke to reply:

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

Earlier that day, Lutke also Tweeted letting his followers know that he had spent the morning playing around with Ethereum smart contracts in an attempt to understand how they work, finding the ERC20 standard “fascinating”

Compound’s Total Market Supply Surpassed $15 Billion

Compound, one of the biggest DeFi protocols, reached a major milestone on April 3rd after reaching over $15 billion in total supply. It had reached $10 billion earlier this year on February 20th, with the latest number showing an…

Read More