PayPal Adds Solana, Chainlink to Crypto Offerings

PayPal has announced its plans to expand its cryptocurrency offerings by allowing US users to buy, sell, and transfer Solana (SOL) and Chainlink (LINK) through its core platform and Venmo. This move is set to take place in the coming weeks and will increase the number of supported digital assets on PayPal to seven. The addition of Solana and Chainlink is a response to growing user demand for broader token access and aims to cater to a wider segment of crypto users, including retail investors, developers, and data providers.

The integration of these two assets, known for their decentralized infrastructure and enterprise utility, reflects PayPal’s long-term strategy to position digital assets as a core component of digital commerce. This update comes amidst continued volatility in the crypto market, but it underscores PayPal’s commitment to bridging traditional payment infrastructure with blockchain-based finance.

PayPal’s journey into the crypto market began in October 2020 when it enabled US customers to buy and hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) within its app. This was followed by the introduction of crypto checkout functionality in March 2021, allowing users to spend digital assets at millions of merchants by automatically converting them into fiat at the point of sale.

In 2023, PayPal made a significant move by becoming the first major US financial platform to issue its own US dollar-backed stablecoin, PayPal USD (PYUSD), through a partnership with regulated issuer Paxos. The launch of PYUSD attracted attention from lawmakers and regulators, highlighting the growing debate over stablecoin oversight. As of August 2024, PYUSD briefly surpassed $1 billion in market capitalization before stabilizing around $760 million in circulation. While this figure is modest compared to stablecoin giants like Tether (USDT) and USD Coin (USDC), analysts view PayPal’s involvement as a signal of growing institutional confidence in the sector.

PayPal’s expansion into Solana and Chainlink further reinforces its role as a bridge between traditional payment infrastructure and blockchain-based finance. The company’s CEO, Alex Chriss, who took over in late 2023, has not publicly discussed the company’s crypto roadmap. However, his predecessor, Dan Schulman, was an outspoken advocate for blockchain integration, stating in 2022 that “the intersection between digital currencies and the digital wallet is a clear opportunity.”

With the addition of SOL and LINK, PayPal is not only responding to user demand but also positioning itself as a leader in the integration of blockchain-based assets into consumer financial tools. This move is part of a broader strategy to make digital assets a core component of digital commerce, reflecting PayPal’s long-term bet on the future of cryptocurrencies.