Shopify’s new partnership with Solana Pay offers a crypto-focused e-commerce experience via USDC payments.
Solana Labs’ decentralized payment protocol, Solana Pay, has taken a decisive step in the e-commerce sector, announcing its integration with Shopify, announced on August 23 via TechCrunch. This development will empower numerous businesses to seamlessly facilitate payments using USDC, the stablecoin closely tied to the U.S. dollar.
1/ 🛍️Shopify 🤝Solana Pay
Today, Solana Pay integrates with @Shopify, empowering the millions of entrepreneurs and merchants on Shopify to accept fast, web3 native payments with no transaction fees through the end of 2023. https://t.co/q63KeBllXB
Learn more 👇 pic.twitter.com/QEb1LzqS51
— Solana (@solana) August 23, 2023
Initiated in early 2022, Solana Pay operates atop the layer-1 Solana blockchain. With a substantial market cap of $25.9 billion, USDC emerges as the primary currency for this partnership. The coin’s regulatory clarity and its USD peg make it a favorable option for merchants across the board:
5/ Several key Solana projects have integrated Solana Pay with their Shopify-powered storefronts on day 1:
🐒@MonkeDAO
🎒@MadLadsNFT
💻@heliuslabs
☀️@Solana merch storehttps://t.co/v0XrEmFUhY— Solana (@solana) August 23, 2023
Shopify’s historical trajectory reveals a consistent trend of exploring and embracing blockchain-driven solutions.
Its portfolio already includes the facilitation of advanced blockchain-centric commerce utilities such as NFT integration and “a framework enabling merchants to launch “tokengated stores” to which fans can have early or exclusive access to,” providing merchants with the tools to craft sophisticated token-gated applications.