Solana

United

USDC

Bonk

Coin

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  Solana Pay has reportedly been added to Shopify's payment solutions, giving millions of merchants access to cryptocurrencies. 
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 <p>E-commerce giant Shopify has added Solana Pay to its pool of options for <a rel="noopener noreferrer nofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a>, allowing millions of merchants to use the platform to <a rel="noopener noreferrer nofollow" title="accept" href="https://thebittimes.com/tag/accept.html">accept</a> crypto transactions, kicking off with USD Coin (USDC) stablecoin <a rel="noopener noreferrer nofollow" title="payments" href="https://thebittimes.com/tag/payments.html">payments</a>.&nbsp;</p> 
 <p>According to TechCrunch, Solana plans to add other altcoins to the platform in the coming months, including its native token Solana (SOL) and the meme token Bonk Coin (BONK). </p> 
 <p>Josh Fried from Solana Labs branded the intersection of digital assets and payment solutions as the "killer app for crypto," adding that “[Everyone] should be doubling down on this.”&nbsp;</p> 
 <p>According to Fried, Solana Pay can drastically reduce transaction costs compared to credit card processing fees. The network average charge is $0.00025 per transaction, while credit card processing costs range from 1.5% to 3.5%. In the last epoch, Solana's users paid an average transaction fee of 0.000009664 SOL.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/08/23/ab466da185d7778e081859686a8cf745.webp"> 
  <figcaption style="text-align: center;"> <em>Solana's average fee paid by users. Source: Solana</em> 
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 <p>Shopify estimates that 10% of all e-commerce transactions in the United States are made through their platform, or $444 billion of the world's e-commerce market. The company has gradually integrated Web3 solutions into its operations,&nbsp;including a suite of blockchain commerce tools for Web3-focused stores and crypto wallet connect features. </p> 
 <p>Shopify's volume will serve as a proving ground for the Solana blockchain. In previous years, Solana struggled with reliability and uptime issues. Its co-founder Anatoly Yakovenko&nbsp;dubbed the issues as a “curse” attributed to the network's low-cost transactions.</p> 
 <p>Recent statistics, however, indicate that the network performance is improving. According to its latest performance report, Solana has experienced 100% uptime since Feb. 25, marking an entire quarter without an outage. The single&nbsp;February outage saw the network knocked offline for almost 19 hours.</p> 
 <p>Launched in February 2022, Solana Pay is a peer-to-peer <a rel="noopener noreferrer nofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a> infrastructure that gives merchants the ability to <a rel="noopener noreferrer nofollow" title="accept" href="https://thebittimes.com/tag/accept.html">accept</a> and settle <a rel="noopener noreferrer nofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a> transactions across digital assets. The platform is a collaboration between Solana Labs, Checkout.com, Circle and Citcon, alongside wallet integrations from Phantom. </p> 
 <p><strong><em>Magazine:&nbsp;</em></strong><strong><em>Deposit risk: What do crypto exchanges really do with your money?</em></strong></p> 
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Shopify to accept USDC payments with Solana: Report

TheBitTimes

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