Moves are being made
This extension was in a testing period with about 250 users beforehand. Essentially, these users would connect their browser extension to Coinbase or another cryptocurrency exchange, and make their purchases. Speaking to CoinDesk, CEO of Moon Ken Kruger says:
“[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.”
Of course, you’re not sending cryptocurrency to Amazon. Instead, there are conversions going on via the extension that trades the crypto to fiat. Unfortunately, we don’t know exactly which technology Moon is using. That said, Kruger claims that this process should “work on almost any e-commerce site” by 2020:
“There’s no direct merchant integration. We’re integrating with the Visa and Mastercard networks and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.”
The startup was founded last year, in New York. It started with $100,000 invested from the Entrepreneurs Roundtable Accelerator. Managing director of the group, Murat Aktihanoglu, says he sees Moon as an “anchor” company within the crypto space and will be an overall driving force.
As of now, Kruger is looking to raise more money for Moon:
“There’s a lot of opportunities to help solve some of those usability problems and getting people onto the lightning network, increasing adoption in that way. We’re going to engage with other folks in the lightning community to see what people are doing, what they’re working on and if there are any significant gaps. We’d love to step in and help whenever possible.”
Moon is currently under review by the Chrome Web Store. It will hopefully launch Wednesday.