Solana Pay Launches To Increase The Bitcoin E-Commerce Business.

Solana Pay Launches To Increase The Bitcoin E-Commerce Business.

2022-02-02 | Mike Hallen

Solana Pay Launches To Increase The Bitcoin E-Commerce Business.

Solana Pay is a peer-to-peer payments component that allows the global market of online sellers and point-of-sale suppliers to collect and process payment transactions in a variety of digital assets. The platform's ingrained software development kit works as an interface among traditional fiat-centric enterprises as well as the crypto industry, pledging to advertise broader interaction and adaptation from typically select. It is a collaborative effort between Solana Labs,, Circle, and Citcon, with wallet integrations from Phantom and FTX. Solana Pay stated in a release that they believe the "most frequent use-case will be using digital dollar currencies" including Circle's USDC stablecoin, however, they are also providing the choice of Solana-related assets such as Solana's indigenous SOL, FTX's FTT, and Serum's SRM, and many others. Solana Pay is based on Solana, a blockchain that was released in April 2019 and rapidly gained a reputation for its high-speed as well as fraction-of-a-cent transaction fees. It aims to offer a low barrier-to-entry cryptocurrency payment option, and the ability to integrate arising asset classes including nonfungible tokens, or NFTs. Cointelegraph talked privately with Solana Labs' chief of payments, Sheraz Shere — previously accountable for co-founding the Google Wallet — about his expectations for Solana Pay in helping the Solana ecosystem's overall growth into 2022. Austin Federa, the director of communications at Solana Labs, spoke with Cointelegraph on Dec. 22 about previous network disruptions such as the one in mid-September, which was linked to denial-of-service assaults- amongst many other things, the advantages of scalability and problems about node centralization Shere stated that Solana Pay is committed to assisting merchants with their onboarding process during the coming year, regardless of their past knowledge. Furthermore, Solana Pay is planning to conduct a series of payments-focused hacking events this year in order to link the worldwide community of developers and whitehats with their technical infrastructure.

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