With every passing day, the adoption of Bitcoin is growing from a rapid pace. Every now and then we hear about some major news related to crypto adoption, and this news is also one of them. Thanks to a crypto payments processing startup Moon, we can now use Bitcoin for payments at Amazon with help of a Lightning-enabled Bitcoin wallet. A new feature launched by the company yesterday will allow anyone to do that.
The feature is a part of Moon’s browser extension. Announcing it in a blog post the company said that Moon’s extension will pop-up a QR Code with a Lightning invoice built into it. The code can then be scanned with any Lightning-enabled wallet of user’s choice to make the payment. If someone can’t scan the code then invoice can also be copied and pasted into the wallet of the user for making payment.
Now, to clarify things a little… Amazon itself hasn’t ever touched Bitcoin. It’s this 3rd party arrangement that will allow the payments of Amazon invoices using Bitcoin. What will essentially happen is that the user will make payment in Bitcoins, Moon will convert it to fiat currency and then the fiat equivalent of crypto payment will be sent to Amazon. The merchants on Amazon, in short, will never know that the payment has been done in crypto. Company declined to comment on which financial institutions are helping it achieve this arrangement, but its CEO Ken Kruger said that by 2020 they plan to make this feature working on almost all e-commerce sites.
Kruger also revealed that his startup is on the lookout to raise its Series A round of funding now. After raising the funds he and his team plan to continue learning from their users for improving Moon. He said:
“There’s a lot of opportunities to help solve some of those usability problems and getting people onto the lightning network, increasing adoption in that way. We’re going to engage with other folks in the lightning community to see what people are doing, what they’re working on and if there are any significant gaps. We’d love to step in and help whenever possible.”
It’s worth noting though that the Lightning functionality of Moon’s extension is still being reviewed by Chrome team. If approved, the extension is expected to launch tomorrow, according to Moon team.
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