You Can Now Use Bitcoin To Buy on Amazon
Crypto payment processing startup Moon has announced that it will be accepting any lightning-enabled wallet which can be used via Moon’s browser extension. Prior to the introduction of the lightning feature, nearly 250 beta users were using Moon to make purchases on e-commerce sites with their crypto by via the browser extension connection to their exchange account.
“[The extension] will pop up a QR code and it will have the lightning invoice, which you could also copy and paste if you can’t use the QR code for some reason, and you’ll be able to pay with your favorite lightning wallet,” said Moon CEO Ken Kruger.
It should be noted that Amazon itself does not interact directly with the bitcoin and does not have to confirm the transaction.
Kruger refused to state which traditional financial institutions are in charge of exchanging the bitcoin to fiat before it reaches Amazon merchants after the transactions. Nevertheless, Kruger stated that by 2020 the Lightning-enabled feature should be integrated into almost any e-commerce site, even if they do not actually accept crypto.
“There’s no direct merchant integration,” Kruger said, explaining that Moon also takes care of payment channels and just provides a simple interface that allows users to send payments.
“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,” said the CEO.
This way, cryptocurrency would be available for everyday purchases without suppliers having to risk their business by accepting crypto.
Moon was based last year in New York last year and received an investment of $100,000 from the Entrepreneurs Roundtable Accelerator. The accelerator’s managing director, Murat Aktihanoglu, has stated that Moon is one of the top businesses that will be productive in the next five years.
“We invested in Moon as a long-term portfolio company,” Aktihanoglu said.
Moon is looking to raise a Series A in 2019 while it will keep on observing user behavior.
“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,” stated Kruger. “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.”