In the past few days, Solana’s native token, SOL, has experienced significant losses due to the overall downtrend in the cryptocurrency market. However, there is some positive news for SOL holders as the token’s price has shown signs of recovery. After several days of posting vivid red candlesticks, SOL finally saw the formation of a green candlestick on the daily chart, indicating a potential turnaround.
Although SOL has witnessed a decrease of over 7% in the past week, there has been a promising uptrend since August 23. Today, on August 24, SOL’s 24-hour price change is recorded at 5.75%, indicating a potential rebound. This positive movement in price is attributed to the recent announcement of Shopify’s integration of Solana Pay.
Solana Labs launched Solana Pay, its decentralized payment platform, on the layer-1 blockchain in February 2022. Now, the Solana Pay plug-in is available on Shopify, one of the largest e-commerce platforms globally. This integration allows millions of businesses using Shopify to utilize Solana Pay for their payment processing needs.
As the first crypto option available on the platform, users can now transact using the second-largest stablecoin, USDC. USDC was chosen for its stability and close value to the USD. In the future, Shopify plans to add more crypto assets such as BONK and SOL to increase options for users.
Shopify’s business development and partnerships head, Josh Fried, highlighted the affordability and advantages of using Solana Pay. Unlike traditional credit card processing fees that range between 1.5% and 3.5% per transaction, Solana Pay offers practically fee-free transactions. Fried emphasized the potential of Solana Pay as a game-changing crypto app for payments and encouraged everyone to take advantage of it.
With a significant share of the United States’ e-commerce industry, Shopify’s integration of Solana Pay will enhance the exposure and utility of the Solana ecosystem. Solana already boasts over 11 million active accounts and has made a name for itself in the NFT sector, with over 21 million assets minted. This collaboration with Shopify will further solidify Solana’s position in the market.
Despite the recent downtrend in the crypto market, Solana’s native token SOL has shown signs of a potential recovery. The integration of Solana Pay with Shopify brings new opportunities for businesses and users alike. With its affordable transaction fees and expanding range of crypto assets, Solana Pay has the potential to revolutionize the way payments are made using cryptocurrencies. As the Solana ecosystem continues to grow, collaborations with established platforms like Shopify will further enhance its reach and utility.
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