Amid Growing Crypto Adoption, PayPal Expands Its Digital Asset Services by Adding Support for Solana (SOL) and Chainlink (LINK)

Amid growing crypto adoption, payment giant PayPal has expanded its digital asset services by adding support for Solana (SOL) and Chainlink (LINK) in a latest move.

Amid growing crypto adoption, payment giant PayPal has expanded its digital asset services by adding support for Solana (SOL) and Chainlink (LINK), according to a latest integration.

What Happened: With this addition, U.S. users can now buy, sell, hold, and transfer SOL and LINK directly through PayPal's wallet feature.

The news comes as the company continues to build upon its initial crypto offerings, which were launched in October 2020 with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

According to PayPal's FAQ page, crypto investors can now also access SOL and LINK on the platform besides other leading crypto assets like BTC, ETH, LTC, BCH and PayPal's own stablecoin PYUSD.

Earlier, PayPal users were able to purchase SOL and LINK through MoonPay. Now they can directly trade both the assets from the PayPal wallet. This integration marks a significant milestone for PayPal's with it further streamlining digital asset transactions for millions of users.

However, access to these new listings remains exclusive to U.S. users with no official announcement for international availability.

See More: Best Cryptocurrency Scanners

Why It Matters: PayPal has been steadily increasing its presence in the crypto space since launching digital asset support in October 2020. Initially, the payment giant enabled transactions for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

While in August 2023, the payment giant launched PayPal USD (PYUSD) stablecoin on Ethereum.

However, the not-so-hyped integration of Solana and Chainlink on PayPal has not much affected the prices of SOL and LINK amid the major market downtrend. At the time of writing, SOL is trading near $115 and LINK is priced at $12.65 – as per market data.

PayPal's cautious approach to listing new cryptocurrencies is largely influenced by regulatory uncertainty in the U.S. However, the evolving regulatory environment in the country and increasing institutional interest might help the firm go beyond supporting limited cryptocurrencies.

Also Read: SEC Acknowledges Fidelity's Spot Solana ETF Filing

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