Shopify to Accept USDC Payments Via Solana Pay Integration

Solana Labs introduced the combination of its decentralized fee protocol – Solana Pay – with e-commerce big Shopify as a brand new fee choice. The transfer will allow tens of millions of companies working on the Shopify platform to leverage Solana Pay for his or her fee wants.

Initially, USDC funds will probably be accepted through the combination, however extra crypto-assets will added down the road.

Solana Pay x Shopify

In accordance with the official press launch, Solana Pay will basically eradicate financial institution charges, chargebacks, and holding instances whereas permitting quick, direct fee settlement of USD stablecoins suitable with Solana.

Moreover, retailers and shoppers utilizing Solana Pay may also be capable to profit from Web3-enabled commerce experiences, similar to token-gated gives, easy cross-border funds, in addition to NFT-based loyalty applications.

Commenting on the event, Solana Basis’s Head of Commerce Enterprise Growth, Josh Fried, said,

“Solana Pay on Shopify opens up tens of millions of retailers to a extra dynamic and environment friendly fee alternative, whereas shoppers get the comfort and elevated utility of with the ability to pay for items and companies with digital greenback currencies from the huge community of retailers utilizing Shopify.”

Launched in February 2022, Solana Pay is an open-source protocol constructed on prime of the layer-1 blockchain Solana. The preliminary fee choice for its integration with Shopify will embrace USDC, the second-largest stablecoin with a market capitalization of practically $26 billion.

In a press release provided to TechCrunch, Fried defined that the selection of USDC was deliberate and was influenced by the truth that most retailers are more likely to be extra receptive to adopting a fee methodology intently linked to the steadiness of the US Greenback.

He went on so as to add that Circle’s USDC, being topic to larger regulatory oversight in comparison with different crypto-assets, holds a stage of familiarity amongst shoppers already accustomed to transacting in digital {dollars}. Nonetheless, Solana Pay stays open to the opportunity of incorporating different crypto-assets, together with SOL and BONK, into its choices within the close to future.

Solana: 6 Months With out Outage

The Solana blockchain skilled vital disruptions brought on by recurrent outages, a few of which persevered for greater than a day. Nonetheless, the next upgrades, such because the implementation of QUIC TPU, Stake weighted QoS, and localized free markets, have improved the community’s capability to handle substantial visitors and meet demand.

In consequence, Solana maintained uninterrupted service for the previous six months and has been 100% uptime since February.