Shapeshift, a blockchain asset exchange platform, has partnered with OpenBazaar, the online Bitcoin-enabled marketplace, to integrate the new “Shifty Button.” This function allows OpenBazaar shoppers to purchase items with Ether (ETH), Zcash (ZEC), Ripple (XRP), and other digital currencies beyond Bitcoin.
OpenBazaar launched in April of 2016 as an open source and decentralized platform for P2P online commerce. The platform allows buyers and sellers to create shops and sell goods without intermediaries while cutting out fees, restrictions, and accounts. Originally, the platform only accepted Bitcoin deposits, but with the integration of the Shifty Button, sellers can now accept dozens of digital assets that are then converted into Bitcoin.
“Enabling users to pay for OpenBazaar purchases with bitcoin and dozens of other cryptocurrencies was always something we wanted to do and ShapeShift enabled us to do that quickly and easily,” said OpenBazaar CEO and Project Lead Brian Hoffman. “Our community has been very eager for this feature and we’re happy to be able to provide it through a great partner.”
The Shifty Button allows websites like OpenBazaar to accept digital currencies by generating an easy-to-implement snippet of code. This allows merchants to broaden customer payment options quickly and easily by converting and accepting blockchain tokens in seconds, with no accounts required. Shapeshift users do not need to provide email addresses or passwords, and their signup process is short and sweet when compared to other online marketplace tools.
With the advent of ShapeShift’s Shifty Button, Ether (ETH) holders as well as users of other virtual currencies are able to convert their preferred currencies into Bitcoin (BTC) without the need of an exchange or 3rd party service. This ability to convert cryptocurrencies instantly may boost sales and overall adoption of decentralized marketplaces, such as OpenBazaar, by offering payment options that mainstream ecommerce sites have yet to embrace. Combined with the absence of fees and centralized accounts, platforms like OpenBazaar are poised to spearhead the movement of decentralized P2P commerce, as their methods equate to more profits for sellers and lower prices to consumers.
While Bitcoin may be the present “king” of cryptocurrencies, features like the Shifty Button may “shift” the playing field in regard to the acceptance of other leading coins in the marketplace. At minimum, ShapeShift’s integration with OpenBazaar signifies that other digital assets, besides Bitcoin, have an increased demand and should be paid attention to, if decentralized-commerce companies seek to expand and grow.
To view how ShapeShift’s Shifty Button works, check out their video on Youtube.