Fintech platform Paypal has added Chainlink and Solana as part of its supported digital currencies to expand its reach to more functional crypto ecosystems.
PayPal, the card payment giant, has made notable moves. It added two cryptocurrencies, Chainlink (LINK) and Solana (SOL), for its customers in the United States. The announcement stated that users in the U.S. can now buy, sell, hold, or transfer LINK and SOL.
PayPal Initiates Strategic Rollout Backed by Demand
This development has been a long time coming, as the firm stated in May 2024 that its PayPal USD stablecoin would become available on Solana.
According to the PayPal announcement, adding these two currencies follows users’ requests and signals the company’s attentiveness to customers’ demands.
May Zabaneh, the company’s Vice President of Product, Blockchain, Crypto, and Digital Currencies, stated that it was done to revolutionize the payment system.
Zabaneh maintained that offering more tokens on PayPal and Venmo affords users choice and flexibility to access digital currencies. The Vice President assured that these products are now within reach of users from their trusted wallets.
Adding these two assets is strategic, given their utility in the crypto world. Developers favor Chainlink when creating advanced blockchain applications. The platform’s cross-chain interoperability makes it appealing to users.
Solana, a leading blockchain platform, allows users to participate in decentralized finance, make payments, play games, and much more.
Can PayPal’s Integration Fuel Uptick for LINK and SOL?
PayPal has assured users they will start seeing LINK and SOL available for purchase over the next few weeks.
In September 2024, PayPal added Shiba Inu (SHIB), the dog-themed memecoin, to its list of crypto assets to U.S. residents. After the addition, SHIB recorded an uptick in value as more of the firm’s users started using it for online transactions.
Before the integration, SHIB users, known as SHIB Army, had long anticipated the development. This likely drove the uptick in usage after the firm added the asset.
Besides the payment giant, Solana has also gained the attention of Polymarket. Recently, Polymarket added SOL, making it possible for its users to make SOL deposits.
Analysts anticipate that both LINK and SOL could witness a surge in the coming days as new PayPal users begin trading crypto assets.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
