Lightning Network has stepped up its game and is now allowing users to transact cryptocurrencies on Amazon. Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], and Litecoin [LTC], can now be directly used on the biggest e-commerce website in the world.
Moon, the crypto-payment processing startup, is behind what could be the start of a new mass crypto-adoption movement. The company operates a browser extension that will work on a Lightning Network-enabled wallet, allowing users to transact cryptocurrencies.
Prior to its official release, representatives at Moon announced that 250 beta users had already transacted cryptocurrencies on the e-commerce website via the browser extension. Further, the services of Coinbase, the American crypto giant, was used during the testing phase and will continue to be used over its wider implementation.
Moon’s website stated,
“Shop directly on Amazon.com via Lightning Network or from your Coinbase account with Bitcoin, Litecoin, Ether and Bitcoin Cash.”
Speaking to CoinDesk, Ken Kruger, CEO of Moon, explained how the extension works on the Lightning Network. The extension will generate a QR code with a “lightning invoice,” allowing users to pay for the same via their preferred virtual currency.
Moon is taking care of crypto-to-fiat conversion as well, implying that neither the e-commerce company nor their merchants would directly interact with digital assets. However, Kruger did not specify which partner-company(s) are assisting them in the conversion of crypto-to-fiat and eventually, sending dollars to merchants.
Despite Amazon taking the lion’s share of the global e-commerce market, Kruger plans to expand massively. By next year, this browser extension-lightning network feature will be present on all e-commerce websites, he said. He added,
“We’re integrating with the Visa and Mastercard networks and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.”
The acceptance of cryptocurrency on Amazon was in all likelihood, a response to Rakuten, the Japanese e-commerce giant. Rakuten is setting up its own cryptocurrency exchange and had previously indicated the importance of virtual currencies as a mode of payment on online retail websites.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.