into China. This represents a huge lead against other competitors. Other competitors can require up to 12 weeks to set up. However, Shopify’s deal with China will only need 4 weeks by comparison. Furthermore, with a greater number of decentralized currencies finally becoming part of the payments sphere, suppliers and partners within the sales chain are scrambling to provide flexibility for customers. It looks like companies are finally embracing a level of innovation. So, what’s next for ecommerce?
The Corporate Connection
One big event has signaled the relevancy of decentralized finance (DeFi) in the ecommerce sphere. This will start to have a huge impact on how businesses structure themselves. In January ‘22, Fortune mag reported that RadioShack would start accepting a wide range of cryptocurrencies on their platform. They are able to accept these payments due to their multi currency payment platform. The implementation of such technology is really a jump in the dark for many big businesses. This is totally understandable consider their level of comfort using the dollar. This is especially true considering some of the specific issues associated with certain cryptocurrencies.
A big business like RadioShack going through a digital transformation by accepting cryptocurrencies is sparking interest from other institutions. This is leading to changes in where ecommerce will move to next.
Big businesses are now taking DeFi based ecommerce solutions seriously. This has lead to a surge in their feasibility and the amount of security that businesses are willing to lend to it. With this under consideration, there are still risks that must be understood. One of the biggest cryptocurrency ecommerce firms, Wormhole, experienced a significant hack last year.
Despite this, big businesses have sought to shore them up, including a $322 million investment from one crypto venture capital firm seeking to enhance their own stake. This is a clear move forward for the value of cryptocurrency in eCommerce.
The true turning point for the interface of cryptocurrency and eCommerce will come when Amazon gets on board. According to Investopedia, that moment will come soon enough. The eCommerce titans are looking at how they can integrate the larger cryptocurrencies, like Bitcoin and Ethereum, into their platform.
There is already a form of trade market, concerning gift cards, that work in this manner. A handful of the larger gift card firms are already exchanging cryptocurrencies for Amazon cards that can then be exchanged for real-world goods. This is creating an opportunity to turn digital coins into real-world value. Through platforms like this, cryptocurrency is being transformed from a mere asset into something tangible. New platforms and services are enabling cryptocurrencies to transform back into something closer to their original purpose. This purpose is to be a valid alternative to the dollar, as well as other fiat currencies that support the world economy.
When Amazon gets on board, expect even more changes to the existing exchange infrastructure. When it comes to actual coins, Bitcoin and Ethereum really do dominate the conversation. With that point on the horizon, expect yet more upheaval in the already high-action eCommerce scene.