PayPal Adds Chainlink, Solana to Cryptocurrency Offerings
1min read PayPal has expanded its cryptocurrency offerings by adding Chainlink (LINK) and Solana (SOL) to its platform, allowing users of both paypal and Venmo to buy, hold, sell, and transfer these tokens directly from their accounts. This move is part of PayPal's ongoing strategy to integrate digital currencies into its services, providing users with greater flexibility and choice in their cryptocurrency transactions.
The addition of Chainlink and Solana follows PayPal's initial entry into the cryptocurrency space in 2020, when it began supporting bitcoin, ethereum, bitcoin cash, and litecoin. The new tokens will be rolled out to U.S. users over the next few weeks, bringing the total number of supported cryptocurrencies on PayPal to seven.
May Zabaneh, PayPal’s Vice President of Blockchain, Crypto, and Digital Currencies, highlighted the significance of this expansion. "Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies," Zabaneh said in a press release. This move aligns with PayPal's long-term strategy to integrate digital currencies into its platform, enhancing the overall user experience within its trusted wallets.
The Chainlink platform is widely used for data, compute, and cross-chain interoperability, while Solana enables users to participate in a variety of decentralized finance applications, payments, games, and infrastructure networks. By adding these tokens, PayPal aims to provide users with greater flexibility, choice, and access to digital currencies, enhancing the overall user experience within its trusted wallets.
In September, PayPal extended its cryptocurrency capabilities to U.S. merchants, enabling them to buy, hold, and sell cryptocurrency directly from their PayPal business accounts. This move was in response to the growing demand from business owners for similar cryptocurrency capabilities available to consumers. Jose Fernandez de Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, highlighted the significance of this expansion. "Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly," de Ponte said.
This strategic move by PayPal underscores its commitment to staying at the forefront of digital commerce and providing innovative solutions to its users. The integration of LINK and SOL is set to roll out over the coming weeks, providing PayPal and Venmo users with additional options for their cryptocurrency transactions. This development reflects PayPal's continued push into the cryptocurrency space, offering users more ways to engage with digital currencies within its trusted platform.
