PayPal Adds Solana, Chainlink to Crypto Offerings

PayPal has recently expanded its cryptocurrency offerings by quietly adding support for Solana (SOL) and Chainlink (LINK) for users in the United States. This update, which appeared on the company’s help center webpage and developer portal, allows users to buy, sell, and hold these cryptocurrencies within the PayPal platform. However, external transfers of SOL and LINK are not yet supported, meaning users cannot move these assets to external wallets or exchanges.

This addition broadens PayPal’s existing crypto lineup, which already includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and its native stablecoin, PayPal USD (PYUSD). Since launching crypto services for U.S. customers in 2020, PayPal has steadily expanded its digital asset operations. Initially, users could only buy, sell, and hold select cryptocurrencies, but these services were later extended to the UK in 2021. PayPal introduced its PYUSD stablecoin in 2023 and launched it on the Solana blockchain.

The inclusion of SOL, known for its high transaction throughput, and LINK, a key decentralized oracle network, marks a notable expansion of PayPal’s supported assets. This move is part of PayPal’s ongoing efforts to integrate more innovative and widely-used blockchain technologies into its platform. However, the decision to list SOL and LINK but not yet support external transfers suggests a cautious approach, possibly due to regulatory concerns or the need to ensure the security and stability of the platform.

Despite the addition of SOL and LINK to the PayPal platform, the prices of these cryptocurrencies dipped. Solana (SOL) recorded a price decline, while Chainlink (LINK) also saw its price fall. This price movement indicates that the market reaction to PayPal’s news was not as bullish as one might expect, possibly due to the lack of external transfer support or other market factors.

PayPal’s latest crypto additions follow other recent moves, such as expanding crypto access for U.S. business accounts in late 2024, allowing merchants to hold and transact with digital assets. This trend of mainstream financial institutions embracing cryptocurrencies is expected to continue, leading to increased demand for these digital assets and further innovation in the blockchain industry. As more companies and individuals adopt cryptocurrencies, their use cases and applications are likely to grow, driving further development in the sector.