E-commerce Shopify’s Founder to Join Board of Coinbase

Tobias “Tobi” Lütke, founder and CEO of e-commerce company Shopify Inc., will join the board of directors of Coinbase, the largest cryptocurrency exchange in the United States.

Lütke will serve as the eighth board member, along with Coinbase co-founder Fred Ehrsam and prominent venture capitalist Marc Andreessen

Lütke’s appointment is expected to be confirmed by Coinbase’s board later this week.

Coinbase founder Brian Armstrong said in a press release:

“Shopify sits at the nexus of three important areas that cryptocurrencies are trying to revolutionize: finance and payments, web applications, and the internet itself.”

The appointment comes as Coinbase strives to expand its e-commerce capabilities and create a marketplace for digital art, a non-fungible token

Coinbase Global Inc will start allowing users to buy non-fungible tokens (NFTs) with credit cards and debit cards following its new partnership with Mastercard.

The appointment may be considering the possibility of new retail or shopping initiatives,

Coinbase is actively looking for ways to make cryptocurrencies more widely applicable in real life.

The appointment hints that Coinbase is considering new retail or shopping initiatives and expanding into e-commerce, an intuitive and easy way for consumers to use cryptocurrencies.

CoinPayments, Cayman Islands-based crypto payment solution provider, has announced a partnership with the Canadian e-commerce giant Shopify. The partnership aims to offer an alternative payment option for Shopify merchants as well as expand the adoption of cryptocurrencies in May last year

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