PayPal Adds Solana and Chainlink to its Crypto Services
PayPal extends crypto support to Solana and Chainlink, expanding its digital wallet for millions of users and strengthening Web3 adoption.
PayPal has expanded its cryptocurrency offerings in the US by supporting Solana (SOL) and Chainlink (LINK).
Two major cryptocurrencies have been added to PayPal's existing wallet, which already includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and its private stablecoin PYUSD.
Solana and Chainlink join PayPal's growing crypto wallet
The inclusion of Solana and Chainlink demonstrates both their growing market appeal and their pivotal role in the blockchain technology space.
The combination of Solana's transaction processing speed with its economical operating model creates a solid foundation for the platforms of decentralised finance, gaming applications and the growing Web3 ecosystem. Chainlink, on the other hand, functions as a decentralised oracle infrastructure, which is essential for enabling smart contracts to securely access real-world data.
According to analysis by Spaziocrypto, Solana and Chainlink are among the top fifteen cryptocurrencies by market capitalisation, highlighting their essential role in PayPal's digital asset strategy.
May Zabaneh, Vice President for Blockchain and Digital Currencies at PayPal, said this update responds to customer requests for more cryptocurrency choice. Zabaneh explained that PayPal is working to increase flexibility and offer users more options for interacting with digital assets within its ecosystem.
"Since we made cryptocurrencies available on PayPal and Venmo, we've been listening to our users to understand what they want to do with cryptos on our platforms. One feedback we have received is the desire to have more tokens available in line with our mission to revolutionise payments," said Zabaneh.
PayPal's adoption of Solana and Chainlink confirms its expanding role in the digital asset sector. This step is part of the journey that began in 2020, when the company debuted in the crypto market by allowing users to purchase and store Bitcoin and Ethereum.
In 2023, the company further strengthened its commitment to the sector by launching PYUSD, an Ethereum-based stablecoin pegged to the value of the US dollar.
In 2024, PayPal also launched PYUSD on the SOL network, making it accessible to a wider range of users. Since this strategic decision, PYUSD's offerings have grown substantially, reaching $733 million at the time of this report.
This year, PayPal announced plans to enhance the integration of PYUSD across all of its platforms, allowing merchants to accept it for payments and improving its overall functionality within the ecosystem.
Industry analysts view this move by PayPal as an expected strategic evolution. Max Hamilton, of Foresight Ventures, said that established companies like PayPal maintain a strong competitive advantage due to user trust, knowledge of regulatory systems, and their extensive customer network.
Fintech giants like @PayPal find themselves in a unique position for growth with the rollout of new offerings @@PayPal has 435M active accounts, spans 200+ markets, and handles $1.7 trillion in annual payment volume
Thanks to these inherent advantages, companies such as PayPal can effectively integrate crypto solutions while maintaining their strong position against new market competitors.
PayPal's integration of Solana and Chainlink can significantly push the mainstream adoption of these digital currencies and the entire cryptocurrency industry, considering its 434 million active accounts and 45% share in online payments.
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PayPal has expanded its cryptocurrency offerings in the US by supporting Solana (SOL) and Chainlink (LINK).
Two major cryptocurrencies have been added to PayPal's existing wallet, which already includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and its private stablecoin PYUSD.
Solana and Chainlink join PayPal's growing crypto wallet
The inclusion of Solana and Chainlink demonstrates both their growing market appeal and their pivotal role in the blockchain technology space.
The combination of Solana's transaction processing speed with its economical operating model creates a solid foundation for the platforms of decentralised finance, gaming applications and the growing Web3 ecosystem.
Chainlink, on the other hand, functions as a decentralised oracle infrastructure, which is essential for enabling smart contracts to securely access real-world data.
According to analysis by Spaziocrypto, Solana and Chainlink are among the top fifteen cryptocurrencies by market capitalisation, highlighting their essential role in PayPal's digital asset strategy.
May Zabaneh, Vice President for Blockchain and Digital Currencies at PayPal, said this update responds to customer requests for more cryptocurrency choice. Zabaneh explained that PayPal is working to increase flexibility and offer users more options for interacting with digital assets within its ecosystem.
PayPal's adoption of Solana and Chainlink confirms its expanding role in the digital asset sector. This step is part of the journey that began in 2020, when the company debuted in the crypto market by allowing users to purchase and store Bitcoin and Ethereum.
In 2023, the company further strengthened its commitment to the sector by launching PYUSD, an Ethereum-based stablecoin pegged to the value of the US dollar.
In 2024, PayPal also launched PYUSD on the SOL network, making it accessible to a wider range of users. Since this strategic decision, PYUSD's offerings have grown substantially, reaching $733 million at the time of this report.
This year, PayPal announced plans to enhance the integration of PYUSD across all of its platforms, allowing merchants to accept it for payments and improving its overall functionality within the ecosystem.
Industry analysts view this move by PayPal as an expected strategic evolution. Max Hamilton, of Foresight Ventures, said that established companies like PayPal maintain a strong competitive advantage due to user trust, knowledge of regulatory systems, and their extensive customer network.
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Thanks to these inherent advantages, companies such as PayPal can effectively integrate crypto solutions while maintaining their strong position against new market competitors.
PayPal's integration of Solana and Chainlink can significantly push the mainstream adoption of these digital currencies and the entire cryptocurrency industry, considering its 434 million active accounts and 45% share in online payments.
Sign up for Spaziocrypto®
The community for Blockchain, Cryptocurrency and Innovative Technologies enthusiasts, combining Passion, Knowledge and Opportunities in the Digital World
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