Giant eCommerce platform Shopify integrated Solana Pay payment service.
Shopify is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. The services of this company mainly focused on providing online stores and retail point-of-sale systems to online goods sellers.
On 23 Aug 2023, the Solana team informed the crypto community that Shopify integrated the SolanaPay payment service into their payment service options.
SolanaPay will provide fast & secure transactions at nearly zero transaction fees.
Solana Pay is a decentralized payment solution developed by Solana Labs, an engineering team behind the Solana blockchain project, in Feb 2022.
In this initial phase of SolanaPay service use, Shopify will only allow USDC stablecoin payment but in the near future they will also bring support for Sol coin & Bonk coin.
Sol price action
Sol is the native token of the Solana blockchain network. Following this news, the trade price of Sol coin surged by nearly 5% within 20 hours.
The current trade price of Sol coin is $21.73 & this trade price is 4.41% higher than the last 24 hours’ trade price.
In Nov 2022, the Sol coin trade price saw a significant downfall following the bankruptcy of crypto hedge firm Alameda Research, a sister firm of FTX crypto exchange.
Alameda Research was one of the top investors in the Solana project and reportedly the Alameda team sold a huge amount of Sol holdings to maintain the financial position but failed.
Later, Ethereum co-founder Vitalik Buterin talked about the Solana project and brought a better level of confidence among the Sol coin traders.
Around a couple of months ago, Vitalik slammed the US crypto policies and mentioned Solana & other layer-2 scaling networks as the best crypto ecosystem-supportive projects.
According to Vitalik the existence of a real utility-based crypto project should be in existence otherwise it will not be a win for Ethereum.