Purse.io, a payments gateway that allows users to transact on Amazon using Bitcoin through a clever workaround, seems to be reconsidering the closure it announced a few days ago.
According to a post on Purse’s blog, an “outpouring of support from the community … [caused] us to reconsider our decision.” As a result, Purse’s principal “Shop and Earn” functions will remain activated pending further updates.
(source: Purse.io)
TheBlock crypto reported a few days ago that the company was not closing strictly out of financial distress, but instead because many of Purse’s team members simply wanted to go their separate ways.
Purse’s system of payments deftly bypassed Amazon’s payment methods, by essentially forming a two-staged market within its platform.
Customers wanting to purchase items on Amazon with bitcoin would request other users to make the purchase on their behalf, then send the equivalent amount of bitcoin when their shipment arrived. Likewise, users wanting to purchase crypto with cash would purchase goods on Amazon with cash, and then be sent bitcoin as payment. A reputation system kept the kept the platform in check.
The system worked well, although low volume plagued the platform and made it hard to count on a transaction near market prices.
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