Great news: shopping with cryptocurrency is now possible on Amazon with more to come!
All thanks to an ingenious lightning network solution by Moon. Moon is a crypto payment-processing startup that was founded last year with a $100K investment from Entrepreneurs Roundtable Accelerator.
It’s New York-based team developed a browser extension that works on the Lightning Network. The user simply needs to connect their cryptocurrency wallet to Moon — for example, a Coinbase wallet — and at checkout choose Moon to pay for goods with one of four supported currencies: bitcoin, litecoin, Ethereum, or bitcoin cash.
Right now, Moon works on Amazon only with United States dollars. In an interview with CCN.com Moon CEO Ken Kruger said would be expanding to other wallet integrations and currencies. Their website promises we’ll be able to shop on any major e-commerce website like Etsy, eBay, Ali Express, and Target.
The transactions are processed by financial institutions which convert the bitcoin into fiat and then pay Amazon sellers in fiat. According to the company, the buyer doesn’t pay anything for the transactions.
To make this work, the Moon team had to work together with Visa and Mastercard. Commenting on the integration with banking companies, Mr. Kruger doen’t think it goes against the philosophy of crypto, but believes it’s a necessary step to facilitate crypto transactions and an eventual adoption.
Mr. Kruger is positive about the future:
“We’re looking to expand to Amazon shoppers worldwide [and] We’re working on adding a number of top-50 US eCommerce brands in the coming months… Ecommerce crypto payments have been increasing exponentially over the past few years. Moon is the platform that’s going accelerate this growth even more.”
The browser extension is available on the Chrome store, and for Brave and Opera browsers, which makes it available to over 60% of internet users globally.
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