E-commerce giant Amazon will now be able to accept payments made via the open source, public, blockchain-based distributed computing platform Ethereum.
This is thanks to a collaboration between fintech firm CLIC Technology and B2B platform Opporty.
In the announcement the new extension is described as bringing a “modern day cryptocurrency economy one step closer to becoming a reality.”
CLIC has developed a “crypto-payment gateway system” that enables merchants to accept crypto payments and receive immediate settlements in traditional fiat currencies.
“Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries,” said CLIC Technology CEO Roman Bond.
The firm said that traditional Ethereum-based platforms process about 20 transactions per second which is significantly lower than Amazon, which processes upwards of 300 transactions per second, typically making it incompatible with the digital currency.
However, with Opporty’s Plasma Cash platform, CLIC Technology said it can now “dramatically accelerate transaction speeds while reducing loads on the system”.
Bond continued: “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.”
The two companies stated that they plan to process any tokens based on ERC-20, ERC-721, and other Ethereum compatible standards.
CLIC also noted that it recently initiated the pilot phase and begun onboarding clients for their new crypto-payment platform, CLICPay.