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Solana Unite With Shopify For Instant USDC Payment

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Solana Pay, the leading open-source payment protocol harnessing the potential of the Solana blockchain, has integrated itself into the realm of e-commerce titan Shopify, that introduces the utilization of USD Coin [USDC] for transactions, as officially announced on Wednesday.

This groundbreaking alliance will now enable users to seamlessly link their Solana-centric cryptocurrency wallets, such as Phantom or Slope, allowing them to settle payments directly on the blockchain through the trusted medium of USDC in their transactions with merchants.

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Although USDC, is the initial payment choice for this integration, other cryptocurrency assets will be incorporated in the near future, according to a representative from the Solana Foundation. In the words of Josh Fried, the head of commerce and business development at the Solana Foundation:

“When contemplating this harmonization, the selection of a stablecoin was a deliberate choice since both merchants and consumers inherently ‘think in dollars.’ This approach creates a significantly smoother initiation point, as pricing is presented in a currency that naturally resonates with both consumers and merchants.”

Fried also emphasized that the transaction settlement via USDC will occur virtually instantaneously, a notable departure from the time-intensive nature of numerous credit card payments that often necessitate days for clearance.

Solana Pay had previously partnered with Checkout.com, Circle, and Citcon, with the primary objective of facilitating crypto payments for merchants. With the Shopify partnership now coming to fruition, the innovative payment protocol is poised to redefine the landscape of e-commerce and payment processing.

Amidst the growing DeFi use, Solana continued its propulsive rise and briefly dethroned the leading meme token, Dogecoin [DOGE]. Although SOL lost its 8th position, it solidified its spot in the top 10 largest crypto assets by market capitalization, as per the latest stats from CoinMarketCap.

Solana Achieved 150% YTD Growth In Smart Contracts

Known for its high-speed and scalable blockchain ecosystem, the leading layer 1 blockchain has been gaining notable traction over the past months. Its protocol’s ability to process over 65,000 transactions per second, coupled with low fees and quick confirmation times, has garnered attention from both developers and investors alike.

In terms of deployment of smart contracts, SOL has achieved nearly 150% year-to-date growth, surpassing Ethereum’s modest 50% growth. The Web3-focused blockchain has taken the lead in hosting innovative dApps and smart contracts that push the boundaries of blockchain technology. This momentum has driven Solana to embrace Liquid Staking Protocols, which have gained significant traction in the DeFi space since the beginning of this year.

Shopify CEO Consults DeFi Twitter On Potential Integration

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Decentralized finance or as popularly known as DeFi mania has captured players from different spheres. The revolution in the payment industry and every company seeks to remain ahead of the curve due to which industry giants have joined the DeFi bandwagon.

Shopify’s CEO On DeFi

The latest one to express interest in the decentralized world is the Canadian multinational e-commerce company, Shopify’s CEO, Tobi Lutke. According to his latest tweet, the e-commerce giant’s exec is looking for ways to integrate his firm with the decentralized finance ecosystem. He stated,

“Hey, DeFi Twitter. What are the commerce-related opportunities that you are most excited about? What role do you want Shopify to play?”

Lutke had also revealed “dabbling” with smart contracts and exploring ERC-20 ecosystem in yet another tweet which read,

“Speaking of crypto though- I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world.”

The tweet by the Shopify exec drew a huge amount of responses. Some advised him to enable users to earn Bitcoin, while others requested to support Bitcoin Lightning Network [LN] payments, stablecoin integration, leveraging decentralized finance protocols to enable cash in Shopify accounts to earn yield among other responses.

It is still unclear if the CEO is serious about DeFi integration into his centralized platform. The mere endorsement by the CEO of the online retailing platform, however, speaks volumes for a space that has been long speculated to be a bubble.

It is important to note that Shopify happens to be one of the largest companies in Canada, is also among the largest in the northern hemisphere. There are more than 3 million online stores as part of its platform. Furthermore, the platform was one of the early adopters of the cryptocurrency industry after it allowed crypto payments via Bitcoin [BTC], Ethereum [ETH] among other tokens following a payment integration in 2014.

Tagomi Becomes the Part of Facebook’s Libra Association to Develop a Cryptocurrency

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Facebook’s Libra is again gaining heat as yet another firm has joined the independent consortium of Libra, the Libra Association. Per the latest report, a digital asset company, Tagomi is yet another name in a list of members of Facebook’s Libra Association,

With the joining intent in place, Tagomi aims to invest about $10 million for the development of yet to launch Libra stablecoin. Noticeably, Tagomi’s report of joining the Libra Association comes in the wake of Shopify’s inclusion in the Libra Association. Interestingly, Tagomi will be the 22nd member of Facebook’s Libra Association.

Following the contribution of $10 million to Facebook’s Libra, Tagomi can also be able to have a node that gives it authority to validate the transactions of Libra stablecoin.

While the official announcement from Tagomi is yet to be announced this week, the president of Tagomi Marc Bhargava acknowledged the news and stated that;

 “We’re excited to become a member of @Libra_, sharing a common mission to expand financial inclusion. We believe the Libra project is poised to create a simple, inclusive, and global payment system that will empower billions of people left out of the global economy.”

It’s worth noting that, Tagomi is a two years old entity that establishes itself as a premier broker in crypto and provides users with trading, margin, custody, lending, financing, and more in a single account. The entity focuses on bridging institutional capital to digital assets and supports their democratization.

By becoming the part of Libra Association, Tagomi will spend at least $10 million in developing a cryptocurrency, and this investment will help gather dividends from interest earned on Libra Reserve’s money.

Tagomi and Shopify’s interest in Libra Association is quite surprising to many as many well-known entities such as Visa, Vodafone, Mastercard, PayPal, and Strip rejected the project due to increasing regulatory concerns.

On the other side, Shopify emphasized the importance of Libra Association and stated that they decided to join the group as to make commerce better for everybody:

“Our mission is to make commerce better for everyone and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”

Moving forward, the Libra Association is aiming to increase the number of members. At the moment, the Association has more than 1,400 companies in its waiting list. To join the Libra Association, a two-thirds majority of existing members have to agree to accept a new member.