Solana Pay Integration with Shopify
Solana Pay, the protocol built on Solana’s blockchain, has announced the integration of a plug-in on Shopify that allows users to make payments in USD Coin (USDC). This integration reduces transaction costs to $0.00025 compared to credit card fees of 1.5% to 2.5%. Solana Pay aims to benefit merchants by eliminating bank fees, chargebacks, and wait times, enabling immediate and direct payments in stablecoin. Shopify customers can easily integrate the Solana Pay plug-in by downloading the app and following the steps.
SOL’s Price and USDC’s Market Cap
In the past 24 hours, Solana (SOL) has seen a small pump in price by 5.70%, reaching $21.77. This follows the general trend of major cryptocurrencies, including Bitcoin (BTC) which saw a 1.35% increase. USD Coin (USDC) also experienced a slight increase in market cap, reaching $26 billion. However, USDC’s market cap has been slowly declining since March 2023 when it was over $43 billion. SOL’s market cap has also fallen, currently standing at $8.86 billion compared to Dogecoin’s $8.96 billion.
Hot Take
The integration of Solana Pay with Shopify is a significant step towards enabling seamless crypto payments for merchants and consumers. By leveraging Solana’s blockchain and the stability of USDC, this integration offers a faster and more cost-effective alternative to traditional payment methods. It opens up new possibilities for millions of Shopify merchants and enhances convenience for consumers. Additionally, the slight price pump in SOL and increase in USDC’s market cap indicate potential growth and adoption in the cryptocurrency market.
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