Spend Your Cryptocurrencies on Amazon Using the Moon Browser Extension
The recent developments in the Lightning Network are pushing digital currency use in the mainstream. Stepping up the game, Lightning Network now allows crypto enthusiasts to spend their holdings on e-commerce giants like Amazon. The recent developments allow crypto investors to spend Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) for making purchases on Amazon.
All thanks to the cryptocurrency payment processing startup Moon that aims to trigger the mass adoption of digital currencies. Moon operates a browser extension that works with Lightning Network-enabled wallet thereby allowing users to transact in digital currencies.
Before the latest experimentation with the Lightning Network, nearly 250 beta users already used Moon to spend digital currencies on different e-commerce websites by connecting browser extension to different exchange accounts like Coinbase.
Note that Amazon has still not allowed any official crypto payments on their website. It means that at the backend some financial institution is surely converting crypto to fiat before paying the Amazon merchant.
However, Kruger, CEO of Moon refused to specify the name of the financial institution but added that by 2020 the Lightning-based feature should work on any e-commerce website irrespective of whether the platform accepts BTC payments or not.
Besides, Kruger clarified that his company Moon has no direct merchant integration. He further added: “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”.
Kruger also mentioned that his crypto payment startup is looking forward to racing further Series A funding in 2019. Moon will use these funds to explore additional possibilities and use-cases of the Lightning network.
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.”