PayPal Expands Crypto Access with Solana and Chainlink Integration
- PayPal adds LINK and SOL to its crypto offerings via PayPal and Venmo.
- Solana and Chainlink chosen for their speed, utility, and growing adoption.
- Move signals PayPals deeper push into Web3 and institutional-grade crypto assets.
International payments giant PayPal has announced the addition of Chainlink (LINK) and Solana (SOL) to its roster of supported cryptocurrencies. In an official release, the company confirmed that users in the United States can now buy, sell, hold, and send both LINK and SOL on PayPal and its subsidiary platform, Venmo.
The addition brings the total number of cryptocurrencies supported by PayPal to seven, representing the companys continued bet on digital currencies and Web3 technology. From its initial crypto adoption in 2020Bitcoin and Ethereum at the timePayPal has been adding Litecoin and Bitcoin Cash, as well as launching its own stablecoin, PayPal USD (PYUSD).
It was driven by considerable consumer feedback, says May Zabaneh, PayPal Vice President of Product for Blockchain, Crypto, and Digital Currencies. Making more tokens available on PayPal and Venmo allows consumers to have more flexibility, option, and access to digital currencies, said Zabaneh. It means more options to buy, send, or spend in our secure PayPal and Venmo wallets..
Chainlink, in common perception the leading data, compute, and cross-chain interoperability platform, is now an essential component of the crafting of complex blockchain applications. Its recent partnership with ADGM to construct tokenization frameworks in the UAE reiterates its increasing enterprise appeal.
Why Solana and Chainlink?
At the same time, Solana remains at the forefront as a fast performance blockchain supporting a wide range of decentralized applications. Gaming and DeFi, payments and infrastructure initiatives are only a few of the domains where SOLs universe is growing at a record rate. Institutional adoption has also gained momentum, with BlackRocks BUIDL going live on the Solana network and Polymarket enabling SOL deposits.
As we could see a slight surge in the $SOL as it may be because of the announcement.
Because both LINK and SOL were among the top 11 market cap cryptocurrencies with a combined value of more than $80 billion, PayPals move is in line with its strategic growth into leading blockchain ecosystems. The move is in line with its overall mission to revolutionize payments and remain at the bleeding edge of the digital economy.
They can expect LINK and SOL to go live on PayPal and Venmo in the coming weeks, further cementing the platforms as gateway portals to the evolving world of cryptocurrency
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
