TL;DR
- PayPal will add support for Solana (SOL) and Chainlink (LINK), allowing U.S. users to buy, sell, and transfer them.
- The company aims to offer more crypto options in a trusted environment, without relying on external platforms.
- With these additions, the app will offer seven digital assets, including its stablecoin PYUSD, already used in corporate transactions.
PayPal to expand crypto its services by adding support for Chainlink (LINK) and Solana (SOL)
Why Chainlink (LINK) and Solana (SOL)?
Starting in the coming weeks, PayPal and Venmo users in the United States will be able to buy, sell, hold, and transfer both assets directly from their accounts. The move directly responds to user requests for a wider selection of tokens within payment platforms.
The company aims to provide access to crypto assets through a familiar and trusted environment for consumers. According to May Zabaneh, Vice President of Product in PayPal’s blockchain and crypto division, the addition of new tokens is intended to give users more options for operating with cryptocurrencies within the company’s ecosystem. The goal is to offer alternatives that suit different forms of use, without the need to rely on external platforms.
Solana is a high-speed network that supports decentralized applications in areas such as finance, community-run infrastructure, gaming, and payments. Chainlink, in turn, operates as an oracle network that connects external data to smart contracts and enables interoperability between different blockchains. Both projects are widely adopted and provide significant technical utility within the industry.
PayPal Now Offers Seven Cryptocurrencies on Its Platform
The total number of digital assets available to U.S. users will rise to seven, including PayPal’s stablecoin PYUSD. This dollar-backed token reached a market capitalization of over $1 billion in August 2024, although its current circulation sits around $760 million. Last October, the company used it to settle an invoice with Ernst & Young, as part of an initiative to demonstrate its utility in corporate environments.
PayPal continues to focus on its U.S. user base, where it holds the majority of its 428 million accounts. In 2023 alone, more than 83 million people used Venmo at least once
