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This Solana Pay Integration Could Onboard Millions Into Crypto
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Why This Solana Pay Integration Could Onboard Millions Into Crypto

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Solana SOL SOLUSDT

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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.

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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’t arrived, but it has: it’s 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’s $0.00025, which is “practically fee-free.”

In addition to these benefits, Fried believes the new integration can help businesses launch loyalty programs and other services by leveraging SOL’s 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 Lütke, have been taking steps to integrate with the nascent industry. In January, Lütke joined crypto exchange Coinbase and its board of directors.

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Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases

1 year ago

As of this writing, SOL’s price trades at $21 after experiencing some profits during today’s trading session. The cryptocurrency recorded a 3% increase during this period.

Solana SOL SOLUSDT
SOL’s price records some profits on low timeframes. Source: SOLUSDT on Tradingview

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. 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’s ‘Neuromancer.’ 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’s ‘Civil Disobedience.’
But that’s 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. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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