Cryptocurrencies have continued to grow in popularity in recent years and have revolutionized the financial sector. Furthermore, the concepts of decentralized finance and NFTs have further increased the use-cases of cryptocurrencies to new fields and brought about innovations.
The E-commerce sector is viewed as one of the fastest-growing globally, with more than 2 billion people expected to shop online in 2021. The convenience of e-commerce platforms and their global presence means that many prefer them to their local store.
The Covid-19 pandemic made purchasing things online the norm as many could not leave their homes during the global lockdown. However, the traditional payment methods are expensive, and users have to pay high transaction fees to complete e-commerce purchases.
Cryptocurrencies are cheaper and provide a faster means of payment without the problems of charge-back associated with credit cards and conventional finance methods. Uquid is at the forefront of bringing crypto payments to the e-commerce sector.
An innovative DeFi ecosystem
Uquid is one of the fastest-growing ecosystems that combine DeFi and e-commerce features. Launched in 2016, the platform was one of the first to enable a virtual crypto debit card that allowed the purchase of items using multiple altcoins.
Users are also incentivized to make purchases via a DeFi based loyalty program system. Customers wallet addresses used for purchases can be automatically recognized for bonus rewards. Uquid smart contracts record these points and allow users to spend them at any time.
Uquid also has a DeFi focused ecosystem called Defito, where users can stake UniSwap LP tokens to claim DeFi shopping Stake token ‘’DSS’’. It also uses NFTs to great effect and has launched an NFT supermarket system for digital assets. Within this system, sellers of individual products are identified by a unique tokenID. After completing the transaction, a transfer of ownership is made to the buyer.
Uquid launches e-commerce platform
Uquid has launched Uquid.com, an e-commerce platform that provides more than 2 million items for users to shop. The e-commerce platform integrates the Lightning Network node, ensuring transactions are confirmed faster and at lower costs for consumers.
DeFi lovers and shoppers can also get immense benefits from the innovative shop to earn concepts on Uquid.com. It is similar to staking where you get rewarded with new tokens. With the shop to earn program, users get rewarded new tokens every time they complete transactions on Uquid.com.
Furthermore, Uquid has introduced a unique concept of ‘’Buy Now and pay later by ‘’Crypto’’. This is a first of its kind and follows similar successful models in conventional finance like Afterppay and Klarna. Uquid Pay will enable users to split payment for goods and services into three instalments within 90 days without paying extra fees.
What lies ahead for e-commerce and blockchain
Blockchain technology and cryptocurrencies have a massive role in the development of the e-commerce sector. Faster transactions, financial inclusion, and cheaper transaction fees are some of the benefits customers gain from utilizing blockchain-based e-commerce platforms.
Uquid has positioned itself in the right position to become a leading stakeholder in the e-commerce sector in the future. Its team has also revealed that it would be prioritizing upgrades to its ecosystem in the coming months. Learn more about Uquid.