PayPal Adds Solana and Chainlink for U.S. Users in Expanded Crypto Offering
PayPal has expanded its digital asset services by adding support for Solana (SOL) and Chainlink (LINK) for users in the United States and its territories.
According to an update on the company’s crypto FAQ page, customers can now buy, sell, hold, and transfer these two cryptocurrencies directly through PayPal’s platform.
Previously, users could only access SOL and LINK via third-party services like MoonPay while using PayPal as a payment method.
PayPal’s Latest Crypto Move Marks Continued Expansion into Digital Assets
The move comes as part of PayPal’s gradual expansion into the crypto sector.
The company first introduced crypto services in October 2020 with support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
In August 2023, it launched its own stablecoin, PayPal USD, issued on Ethereum and Solana, marking a deeper commitment to the crypto space.
Regulatory uncertainty in the U.S. had previously slowed the pace of crypto adoption by major financial platforms.
In 2023, the SEC scrutinized both Solana and the exchanges offering it as part of its lawsuit against Binance and Coinbase, raising questions about whether SOL constituted an unregistered security.
However, recent legal developments have seen the SEC drop its case against Coinbase and pause litigation against Binance, including withdrawing efforts to label SOL as a security.
With the regulatory environment appearing to shift and increased engagement from policymakers, assets like Solana and Chainlink are gaining institutional recognition.
Notably, multiple spot Solana ETF filings are under review, and Chainlink’s co-founder attended the White House’s first digital asset summit in March.
Venture Capital Backing For Crypto Services on the Rise
Last month, crypto payment firm RedotPay closed a $40 million Series A funding round, led by Lightspeed with key investments from HSG, Galaxy Ventures, and other prominent investors including DST Global Partners, Accel, and Vertex Ventures.
RedotPay’s funding round came shortly after crypto payments firm Mesh raised $82 million in a Series B funding round to expand its blockchain-based settlement network globally.
The round was led by Paradigm, with participation from ConsenSys, QuantumLight, Yolo Investments, Evolution VC, Hike Ventures, Opportuna, and AltaIR Capital.
Notably, most of the investment was settled using PayPal’s PYUSD stablecoin, highlighting the growing role of stablecoins in financial transactions.
Venture capital firms are increasingly backing projects focused on stablecoin services and financial infrastructure.
The sector’s potential was further underscored by payments giant Stripe’s acquisition of stablecoin platform Bridge for $1.1 billion last year, signaling strong institutional interest in blockchain-based financial solutions.
In April, Fintech giant Stripe announced its decision to once again allow customers to accept cryptocurrency payments after a six-year break.
Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.
More recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.