Solana Labs introduced the combination of its decentralized fee protocol – Solana Pay – with e-commerce large Shopify as a brand new fee possibility. The transfer will allow thousands and thousands of companies working on the Shopify platform to leverage Solana Pay for his or her fee wants.
Initially, USDC funds can be accepted by way of the combination, however extra crypto-assets will added down the road.
Solana Pay x Shopify
In keeping with the official press launch, Solana Pay will basically get rid of financial institution charges, chargebacks, and holding instances whereas permitting instant, direct fee settlement of USD stablecoins appropriate with Solana.
Moreover, retailers and customers utilizing Solana Pay can even have the ability to profit from Web3-enabled commerce experiences, akin to token-gated affords, 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 thousands and thousands of retailers to a extra dynamic and environment friendly fee alternative, whereas customers get the comfort and elevated utility of having the ability to pay for items and providers 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 high of the layer-1 blockchain Solana. The preliminary fee possibility for its integration with Shopify will embrace USDC, the second-largest stablecoin with a market capitalization of almost $26 billion.
In an announcement provided to TechCrunch, Fried defined that the selection of USDC was deliberate and was influenced by the truth that most retailers are prone to be extra receptive to adopting a fee technique intently linked to the steadiness of the US Greenback.
He went on so as to add that Circle’s USDC, being topic to greater regulatory oversight in comparison with different crypto-assets, holds a stage of familiarity amongst customers already accustomed to transacting in digital {dollars}. Nonetheless, Solana Pay stays open to the potential 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 attributable to 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 site visitors and meet demand.
Because of this, Solana maintained uninterrupted service for the previous six months and has been 100% uptime since February.
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