{"id":548600,"date":"2023-08-23T20:00:19","date_gmt":"2023-08-23T20:00:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548600"},"modified":"2023-08-23T17:04:07","modified_gmt":"2023-08-23T17:04:07","slug":"why-this-solana-pay-integration-could-onboard-millions-into-crypto","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/why-this-solana-pay-integration-could-onboard-millions-into-crypto\/","title":{"rendered":"Why This Solana Pay Integration Could Onboard Millions Into Crypto"},"content":{"rendered":"<p><strong>A recent <a href=\"https:\/\/techcrunch.com\/2023\/08\/23\/solana-pay-plug-in-with-shopify-for-usdc-payments\/\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from Techcrunch noted the integration between Solana and Shopify. One of the largest marketplaces in the world, the cooperation will enable millions of businesses and customers to use digital assets for their purchases.<br \/>\n<\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/all\/solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead\/\" target=\"_blank\" rel=\"noopener \">Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead<\/a><\/div>\n<h2>Solana Enters The Mainstream With Shopify Cooperation?<\/h2>\n<p>Speaking with the media outlet, Josh Fried from the Solana Foundation highlighted that the Pay supported by stablecoin USDC is the first to integrate with the marketplace. This digital asset was chosen due to its low volatility and familiarity with the US dollar.<\/p>\n<p>However, in the future, other cryptocurrencies could become a part of the integration, including the native currency of the Solana ecosystem SOL. As Techcrunch noted, Shopify is one of the prominent marketplaces with $444 billion worth of global economic activity or 10% of the total US e-commerce.<\/p>\n<p>Thus, the Solana ecosystem will have the capacity to reach millions of users looking for alternative payment options when shopping online. Fried stated the following regarding the new integration:<\/p>\n<blockquote><p>Some people argue the killer app for crypto hasn\u2019t arrived, but it has: it\u2019s payments. (Everyone) should be doubling down on this.<\/p><\/blockquote>\n<p>The Solana Foundation member also highlighted the benefits for merchants who decided to adopt the new features on Shopify. Legacy payment rails cost merchants between 1.5% to 3.5% per transaction, compared to SOL\u2019s $0.00025, which is \u201cpractically fee-free.\u201d<\/p>\n<p>In addition to these benefits, Fried believes the new integration can help businesses launch loyalty programs and other services by leveraging SOL\u2019s ecosystem. The report clarified that crypto bands, including Mad Labs, Helius, MonkeDAO, and others, have already adopted the integration.<\/p>\n<p>Fried called Solana Pay the ideal feature for payments for the reasons stated above and added:<\/p>\n<blockquote><p>You need speed at the point of sale for merchant payments. No one wants to sit on a website to wait for wallet transactions. Similarly in a point of sale in a store, can you imagine waiting three minutes for your payment to go through? No one wants to do that.<\/p><\/blockquote>\n<p>Shopify, eBay, and even e-commerce giant Amazon are warming up to crypto in some capacity. Shopify and its CEO, Tobias L\u00fctke, have been taking steps to integrate with the nascent industry. In January, L\u00fctke joined crypto exchange Coinbase and its board of directors.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-cuts-saga-price-40-sol-ytd-high\/\" target=\"_blank\" rel=\"noopener \">Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases<\/a><\/div>\n<p>As of this writing, SOL\u2019s price trades at $21 after experiencing some profits during today\u2019s trading session. The cryptocurrency recorded a 3% increase during this period.<\/p>\n<figure id=\"attachment_548605\" aria-describedby=\"caption-attachment-548605\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-548605 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-SOLUSDT.png?w=860&#038;resize=860%2C410\" alt=\"Solana SOL SOLUSDT\" width=\"860\" height=\"410\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-SOLUSDT.png?w=1759 1759w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-SOLUSDT.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-SOLUSDT.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-SOLUSDT.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-SOLUSDT.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-SOLUSDT.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-SOL-SOLUSDT.png?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-548605\" class=\"wp-caption-text\">SOL&#8217;s price records some profits on low timeframes. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>SOLUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<p>Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent report from Techcrunch noted the integration between Solana and Shopify. One of the largest marketplaces in the world, the cooperation will enable millions of businesses and customers to use digital assets for their purchases. Related Reading: Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead Solana Enters The Mainstream With Shopify Cooperation? Speaking with the media outlet, Josh Fried from the Solana Foundation highlighted that the Pay supported by stablecoin USDC is the first to integrate with the marketplace. This digital asset was chosen due to its low volatility and familiarity with the US dollar. However, in the future, other cryptocurrencies could become a part of the integration, including the native currency of the Solana ecosystem SOL. As Techcrunch noted, Shopify is one of the prominent marketplaces with $444 billion worth of global economic activity or 10% of the total US e-commerce. Thus, the Solana ecosystem will have the capacity to reach millions of users looking for alternative payment options when shopping online. Fried stated the following regarding the new integration: Some people argue the killer app for crypto hasn\u2019t arrived, but it has: it\u2019s payments. (Everyone) should be doubling down on this. The Solana Foundation member also highlighted the benefits for merchants who decided to adopt the new features on Shopify. Legacy payment rails cost merchants between 1.5% to 3.5% per transaction, compared to SOL\u2019s $0.00025, which is \u201cpractically fee-free.\u201d In addition to these benefits, Fried believes the new integration can help businesses launch loyalty programs and other services by leveraging SOL\u2019s ecosystem. The report clarified that crypto bands, including Mad Labs, Helius, MonkeDAO, and others, have already adopted the integration. Fried called Solana Pay the ideal feature for payments for the reasons stated above and added: You need speed at the point of sale for merchant payments. No one wants to sit on a website to wait for wallet transactions. Similarly in a point of sale in a store, can you imagine waiting three minutes for your payment to go through? No one wants to do that. Shopify, eBay, and even e-commerce giant Amazon are warming up to crypto in some capacity. Shopify and its CEO, Tobias L\u00fctke, have been taking steps to integrate with the nascent industry. In January, L\u00fctke joined crypto exchange Coinbase and its board of directors. Related Reading: Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases As of this writing, SOL\u2019s price trades at $21 after experiencing some profits during today\u2019s trading session. The cryptocurrency recorded a 3% increase during this period. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":548602,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,83626,83627],"class_list":["post-548600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-solana","tag-solusdt"],"acf":[],"yoast_head":"\n<title>This Solana Pay Integration Could Onboard Millions Into Crypto<\/title>\n<meta name=\"description\" content=\"A recent report from Techcrunch noted the integration between Solana (SOL) and e-commerce giant, Shopify to onboard merchants into crypto.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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