Spend Bitcoin on Amazon, Thanks to Moon and the Lightning Network
You can now spend your bitcoin on giant Amazon according to CCN.com through an ingenious lightning network solution called Moon.
Moon is a kind of crypto payment-processing start-up that works by allowing lightning network-enabled wallets to be used through Moon’s browser extension.
The extension allows Shoppers to connect to their cryptocurrency wallet through Moon browser’s extension., for instance, a Coinbase wallet, used at checkout, to pay for goods with bitcoin, or any one of the three other currencies, such as litecoin, ethereum or bitcoin cash.
The Moon team: From Left to right: Kemel McKenzie – Lead Developer, Ken Kruger – Founder and CEO, Khurram Kalim – Head of Marketing.
CEO Ken Kruger illustrates how Moon worked in an interview with CCN.com
He explained on” Simple” – After the installation of the Moon browser extension you shop on Amazon.com as usual. At checkout, Moon gives you the option to pay with your crypto. When you click on submit payment, your purchase is completed immediately on Amazon. Soon the process will be expanding to other wallet integrations and other cryptocurrencies.
The Bitcoin is converted to fiat currency and Amazon sellers receives money in traditional fiat currencies handled by exchanges and financial institution. who converts the bitcoin into fiat and then pay Amazon sellers in traditional fiat currency . Buyers don’t pay for the transactions.
Lightning Network (Moon) and visa, master card integration.
Moon is getting some interchange fees from the transactions through its integration with the visa and MasterCard every time there is a credit card transactions from sellers.
Amazon now accepting bitcoin – the checkout process in action. Source: Moon
How do you feel about working with the very companies crypto is trying to displace :
Ken Kruger said in order to facilitate transactions and speed up adoption, we need to integrate with merchants. These merchants are currently on these payment networks already. In the future, we hope merchants will be much familiar with this crypto payment pattern and come together to embrace it. Yes, of course its clear that crypto can displace the traditional transaction pattern.
Moon has already been tested by a Small group of beta users, has tested the Moon so far ,who used it to spend bitcoin on Amazon and other e-commerce sites.
The browser extension is presently available on the Chrome store , Brave and Opera browsers. Its makes it available to 60% of internet users globally.
For now our scope is only with Amazon.com USA, that means, the extension supports shopping on Amazon.com only with United States dollars, but the team is working towards wider expansion.
Amazon is just the beginning
The expansion is moving further, while Amazon gives Moon, the lightning network and crypto exposure to a massive user base, there’s steps in place to take Moon even further, with other e-commerce sights like eBay, Etsy, Target, Domino’s and AliExpress .
We also want to increase Amazon shoppers base worldwide [and] We’re working on adding a number of top-50 US e-commerce brands in the coming months he added
Crypto adoption for payments is coming sooner than many think. eCommerce crypto payments have been increasing exponentially over the past few years. Moon is the platform that’s going accelerate this growth even more and bring crypto payments to the average consumer.
Made in New York
Moon is a New York-based start-up that was founded last year with a $100k investment from Entrepreneurs Roundtable Accelerator.
The investment was made when the come came to terms with the long term future prospects of the company as where Moon will be used by everyone for e- commerce companies. According to Murathe Aktihanoglu.
We invested in Moon as a long-term portfolio company,” Aktihanoglu told Coindesk, a sentiment echoed by Kruger who has big plans for the project:
He Stated that Our mission is to let people shop anywhere online with cryptocurrency instantly, securely and without fees. As a matter of fact, expandtions to accommodate more e-commerce companies are on the way.
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