Shopify CEO Joins Ethereum Group With His New Twitter Handle

Tobias Lütke, the German-Canadian billionaire behind the e-commerce platform Shopify, is flaunting his Ethereum Name Service (ENS) domain name as his new Twitter handle. Lütke has also updated his profile photo to a non-fungible token or NFT from the CryptoPunks collection.  The wealthy entrepreneur purchased a Shopify Ethereum domain name 30 ETH, approximately $122,000.

What is Ethereum Name Service?

The ENS is an open-source naming system developed on the Ethereum blockchain. It simplifies the process of sending transactions on the Ethereum blockchain by allowing everyone to create a readable name format “name.eth.” Several users, most of them are top members of the Ethereum community, have changed their Twitter handles to openly display their support for a service that aims to make using cryptocurrency as simple as sending an email.

Big Businesses Investing In Ethereum Blockchain

Shopify Ethereum Name Services is not alone. Major businesses are also not relaxing on the sidelines. More and more are interested in promoting Web 3.0, cryptocurrencies, and blockchain.

The co-founder of the popular discussion platform Reddit, Alexis Ohanian, jumped on the trend early this year. At Solana’s tentpole conference Breakpoint, Alexis Ohanian announced a joint $100 million project with Solana Ventures to promote Web 3.0 on the platform. This is his first investment on this platform and first bet into the Solana ecosystem. Solana is a high-performance blockchain supporting builders worldwide, creating crypto apps that scale today.

In August, Budweiser, one of America’s popular beer brands, paid 30 ETH (roughly $95,000) for the Beer.eth domain. Correspondingly, the company changed its Twitter username to man the purchase. Budweiser USA has also changed its Twitter profile image to a rocket ship designed by NFT artist Tom Sachs.

Despite the increasing popularity of ENS domain names, some serious privacy concerns are linked with them. The service makes it easy to match someone’s finances because a particular address is at your fingertips.

Shopify Ethereum Milestones 

Lütke did not involve himself in the exciting world of Ethereum overnight. Based on the report of U.Today, the Shopify CEO publicly expressed his interest in the ecosystem of the second-largest blockchain back in April. He claimed that he experimented with smart contracts to understand the ERC20 token regulations. 

Last year, the so-called “Canadian Amazon” partnered with cryptocurrency payments processor CoinPayments. As part of the partnership, the Shopify platform will integrate a payment option for CoinPayments for all merchants. CoinPayments chief executive officer Jason Butcher said that the combined expertise of the two companies reflects the future of transactions in the e-commerce industry. 

The goal of the tie-up of the two companies is to provide an alternative payment method for their merchants and intensify the adoption of cryptocurrencies. Moreover, the platform allows Shopify traders to accept cryptocurrencies among other payment methods in their transactions. 

Shopify Inc. is a multinational e-commerce company located in Ottawa, Ontario. Likewise, Shopify is its proprietary e-commerce platform for online stores and retail point-of-sale systems. Shopify runs across multiple sales channels such as web, mobile, social media, marketplaces, brick-and-mortar locations, and pop-up shops. Shopify’s intensified appreciation of crypto payment methods is expected to improve e-commerce experiences for customers worldwide.