In an effort to let shoppers make purchases on Amazon via Ethereum, CLIC Technology, Inc. and B2B platform Opporty are set to roll out a progressive browser extension. The technology is powered by off-chain processing of assets that are on-chain, according to a press release from CLIC.
“Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries,” CLIC Technology CEO Roman Bond said in the announcement. “We’re excited to be working on this project with Opporty, and to move forward on a number of other ambitious projects with them as well.”
CLIC noted that traditional platforms based on Ethereum are designed to handle an average of roughly 20 transactions per second. However, the company claims Amazon processes upwards of 300 transactions each second — “typically making it incompatible with the digital currency.” But the firm says it “can now dramatically accelerate transaction speeds while reducing loads on the system.” (Coindesk pointed out that the retailer itself does not take digital currencies.)
The release also said the two firms plan to create payment processing for any tokens based on ERC-721, ERC-20, other Ethereum compatible standards — not just Ethereum. CLIC also pointed out the move is a “bold agenda” since the global marketplace for online shopping is set to reach is set to reach $24.3 trillion by 2025.
The report comes as news surfaced in April that bitcoin, via the lightning network, would soon be available as an option to pay on Amazon as well as other eCommerce sites. Cryptocurrency payment processing company Moon said any lightning-enabled eWallet can also be used through the browser extension of the firm.
Moon previously allowed about 250 beta users to use crypto on online shopping websites by connecting them through exchange accounts like Coinbase. Moon CEO Ken Kruger said, according to reports at the time, “[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.”