Shopify to accept USDC payments with Solana: Report

E-commerce big Shopify has added Solana Pay to its pool of choices for fee, permitting hundreds of thousands of retailers to make use of the platform to simply accept crypto transactions, kicking off with USD Coin (USDC) stablecoin funds. 

According to TechCrunch, Solana plans so as to add different altcoins to the platform within the coming months, together with its native token Solana (SOL) and the meme token Bonk Coin (BONK).

Josh Fried from Solana Labs branded the intersection of digital property and fee options because the “killer app for crypto,” including that “[Everyone] must be doubling down on this.” 

In response to Fried, Solana Pay can drastically cut back transaction prices in comparison with bank card processing charges. The community common cost is $0.00025 per transaction, whereas bank card processing prices vary from 1.5% to three.5%. Within the final epoch, Solana’s customers paid a median transaction charge of 0.000009664 SOL.

Shopify estimates that 10% of all e-commerce transactions in the US are made by means of their platform, or $444 billion of the world’s e-commerce market. The corporate has steadily built-in Web3 options into its operations, including a suite of blockchain commerce tools for Web3-focused shops and crypto pockets join options.

Shopify’s quantity will function a proving floor for the Solana blockchain. In earlier years, Solana struggled with reliability and uptime issues. Its co-founder Anatoly Yakovenko dubbed the issues as a “curse” attributed to the community’s low-cost transactions.

Current statistics, nevertheless, point out that the community efficiency is bettering. In response to its newest efficiency report, Solana has skilled 100% uptime since Feb. 25, marking a complete quarter with out an outage. The one February outage noticed the community knocked offline for nearly 19 hours.

Launched in February 2022, Solana Pay is a peer-to-peer fee infrastructure that offers retailers the flexibility to simply accept and settle fee transactions throughout digital property. The platform is a collaboration between Solana Labs, Checkout.com, Circle and Citcon, alongside pockets integrations from Phantom.

Journal: Deposit risk: What do crypto exchanges really do with your money?