“Ethereum Payments on Amazon to be enabled by Startups”
Very soon it will be possible to make purchases on Amazon and make payments with ethereum, because two startups that are focused on the blockchain technology are going into a partnership with Amazon to facilitate the cryptocurrency payment process on the e-commerce site.
According to a press release on the 14th of June, 2019, CLIC Technology, a firm that is in charge of providing crypto payments solutions, agreed to a collaboration with Opporty, a startup that provides blockchain infrastructure to systems. They are developing an extension that will allow customers on Amazon make their payments with Ether, and this does not affect Amazon’s stance on accepting cryptocurrencies.
Part of the project will be linked to a concept called Plasma Cash which Vitalik Buterin, the founder of Ethereum had talked about over a year ago. When Opporty implements the concept, it will provide a solution to scaling that is like Bitcoin’s lightning network. CLIC said it is a good way to bring more participants to the crypto community, and thus move for the mainstream adoption of cryptocurrency as an alternative means of making payments for purchases.
By implementing Plasma Cash, there will be an unprecedented acceleration of the transaction speed, in comparison to transactions on the ethereum blockchain. According to Roman Bond, who is the CLIC’s CEO, he believes that the merging of the ecommerce market with cryptocurrency translates to the merger between two industries of the future. Furthermore, he expressed his firm’s excitement at working with Opporty on the project, as they would be able to handle other big projects in the near future.
As part of their plans, they intend to collaborate together and create similar payment systems that will be suitable for other cryptocurrencies other than Ethererum, but tokens under the ERC-721, and ERC-20 protocols are also being considered.
At the moment, it may interest you to know that CLIC Technology has gone ahead with its idea to develop a topnotch payment platform for cryptocurrency called CLICPay. This project is to facilitate seamless crypto payments, and also to attract more people to the crypto community. The project is in its pilot stage, and more details about the project will be made available to the public soon.
Amazon is one of the largest e-commerce sites in the world and has a customer base that spans different areas of the world, hence, making online payments with traditional banking methods has proven difficult for some people in different parts of the world, as some cannot make purchases because there are restrictions on their payment options. The choice of having a crypto payment option on Amazon will come as a huge relief to many, because they do not have to bother about the costs of performing cross-border transactions, neither do they have to worry about the time it would take for the cross-border payment process to get cleared. One good thing about crypto payments is the fact that the transactions are usually within seconds, and it does not matter where the person is in the world.