Shopify is one of the largest eCommerce websites in the world, operating out of Canada. The eCommerce giant has recently announced its partnership with cryptocurrency payments firm Strike.
Shopify plans to make Bitcoin and other cryptocurrency payments possible for their consumers. Other payments and cryptocurrency services providers to join this partnership are Blackhawk Network and NCR.
The firm is planning to change the way that people can make Bitcoin payments. With the new Bitcoin payments mechanism introduced by Shopify, the Bitcoin users will have an alternative to the customary digital transaction monopolies.
Blackhawk Network is going to support the partnership as an alternative transactions processor, while NCR will extend the crypto payment services to merchants on the website.
Shopify will Utilize Bitcoin’s Lightning Network
Shopify is making use of the second layer smart contracts solution called Lightning Network for Bitcoin. The involvement of LN allows the merchants to convert their Bitcoin payments into USD faster and hassle-free. According to the financial experts, the novel approach of Shopify can create a lot of traction among investors by creating ease of access.
Jack Mallers, CEO of Strike, recently explained that the shoppers who have placed their orders on Shopify would be able to use LN for making BTC payments. Anyone who owns a registered LN digital wallet will be able to avail of the service. Mallers also claimed that users are likely to prefer the LN payment options due to cheaper payment costs.
Strike is a digital payment facilitator; the company has extended its services to common retail franchises like Mcdonald’s and Walmart. Strike is allowing these franchises to let the common masses spend their Bitcoin offline for making everyday purchases. Mallers claimed that since 1949 there have been no major financial innovations to boot about.
He postulated that the Bitcoin payment mechanism could replace the legacy banking system and trample traditional monopolies like VISA and MasterCard. He also told the media that the USA needs to make major financial changes if it wants to remain at the top of the economic food chain. He is also lobbying for crypto-friendly regulations alongside politicians like Senator Cynthia Lummis.