Shopify CEO Admires This Altcoin!

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Tobias Lütke, CEO of Shopify, becomes part of the community of pioneering altcoin Ethereum with his new Twitter username. The German-Canadian billionaire behind Shopify showcases the ENS domain name on Twitter.

Admiring the pioneering altcoin project

German-Canadian billionaire Tobias Lütke, head of the Shopify e-commerce venture, now uses the Ethereum Name Service / Ethereum Name Service (ENS) domain name as his Twitter account. The famous CEO also updated his profile picture as an NFT from the CryptoPunks collection. The entrepreneur at the top of one of Canada’s most valuable companies bought an ENS (Ethereum Name Service) domain for 30 ETH on Monday. ENS simplifies the process of sending transactions on the Ethereum blockchain by allocating an “.eth” extension to users. A large number of users, mainly prominent members of the Ethereum community, have changed their Twitter usernames to publicly show their support for a service that aims to make using crypto as easy as sending an email.

Alexis Ohanian, co-founder of popular discussion platform Reddit, is joining this new trend in early 2021. Big businesses aren’t sitting on the sidelines either. Budweiser, one of America’s most recognizable beer brands, paid 30 ETH for the domain name Beer.eth in August. The company also changed its Twitter profile name to reflect the purchase. Despite the popularity of ENS domains, there are some serious privacy concerns associated with them. This service makes it extremely easy to examine one’s finances as any address is easily accessible. Lütke did not plunge into the Ethereum community overnight. The famous billionaire publicly announced his interest in the second largest blockchain ecosystem in April, expressing that he is engaged in smart contracts to understand the ERC20 token standard.