By Jason Nelson
2 min read
CoinLinked, a blockchain-based social network and crypto-commerce platform, unveiled a new feature today that lets people shop at their favorite retailer—any online retailer—using stablecoins and DeFi tokens.
Though other platforms facilitate using crypto for retail purchases at select e-stores, CoinLinked claims it’s the first “platform and app [to] allow consumers to buy any product from any website, all over the world, using cryptocurrency," CoinLinked founder Jenny Q. Ta told Decrypt.
CoinLinked's home page.
The company, which launched in Irvine, CA. in May, typically charges a $199 membership fee, which is being waived through the holiday season, Ta said. Transaction fees range from 15-30% of the purchase order total, depending on the item purchased, the buyer’s location, and the cryptocurrency used.
"Our goal has always been to help facilitate broader access to essential goods and services for crypto holders everywhere, simplifying the process of using their digital assets and playing a key role in moving blockchain-based e-commerce into the mainstream," said Ta.
As Ta sees it, the COVID-19 pandemic lockdowns have created conditions that place CoinLinked in a unique position to pitch in and help those who may have fewer financial options right now.
"We view the current hardships faced by so many as our chance to make a difference by serving as an intermediary for individuals and families who need to reserve their cash during the holiday shopping season, while also helping to move the digital currency industry forward," she said. In her view, the two goals are complementary. "One might call them two sides of the same Bitcoin," Ta said.
So how does it work? Users log in via the website or app and fill out a form with the URL of the item they’d like to buy. After CoinLinked receives the order, a representative will contact the user to begin processing the transaction.
The CoinLinked order form on mobile.
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