As per the recent reports, Shopify, an international e-commerce platform based in Canada with an established history of integrating blockchain solutions to improve user experience, is currently adding Solana Pay to its payment solutions, enabling numerous businesses to utilize the system to process crypto transactions, beginning with USD Coin stablecoin payments.
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Shopify Integrates ‘Killer App for Crypto’
According to Josh Fried of Solana Labs, the combination of digital assets and increased possibilities for payment constitutes the “killer app for crypto,” which means everybody “should be doubling down on this.” In addition, Solana Pay offers significant cost savings over credit card processing fees for transactions.Â
10% of all US Online Purchase Transactions
Furthermore, according to Shopify, their platform is used for 10% of all US online purchase transactions, or $444 billion of the global e-commerce market. The business has steadily incorporated Web3 solutions into its business activities, including functionality for connecting cryptocurrency wallets and a set of blockchain commerce tools for Web3-focused retailers.
Shopify Seeks to Support Merchants and Consumers Everywhere
For their specific clients, many online platforms, including Shopify and Uquid, have integrated cryptocurrency-based payments. As part of its efforts to “build a payment network that makes money easier to access and supports merchants and consumers everywhere,” shopify joined the Facebook-led Libra Association in 2020.
Moreover, Solana intends to incorporate its own SOL token and the meme token Bonk into the platform in the upcoming months, according to TechCrunch.
Testing Ground for the Solana Blockchain
Considering the new developments, it is envisaged that Shopify’s business will act as a testing ground for the Solana blockchain. Notebly, Solana has experienced dependability and performance problems in the past. Anatoly Yakovenko, the co-founder, referred to the problems as a “curse” brought on by the network’s cheap transactions.Â
The Solana-based protocol Cardinal announced in July that it would shut down owing to the difficult economic environment. The 18-month-old network acknowledged having a challenging development process, a “incredibly difficult macroeconomic environment,” and being “stuck in the context of the crypto maximalist community.”
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