PayPal has announced that it will soon support Chainlink (Link) and Solana (Sol) on his platform. This Expansion applies to both PayPal users and to users of the Mobile payment service Venmo. In the coming weeks, customers can buy, store, sell and transmit cryptocurrencies directly through their account.
PayPal increasingly relies on cryptocurrencies
As early as October 2020, PayPal announced that customers Cryptocurrencies Buy, hold and sell directly via your PayPal accounts. At that time Dan Schulman, then CEO of PayPal, said that the transition to digital currencies was inevitable. At the start, the platform supported cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
In September, PayPal enabled American dealers to buy cryptocurrencies directly from their business accounts. In addition, business PayPal accounts were able to send and receive supported cryptocurrencies to external blockchain addresses.
Expansion of the crypto offer
Since the introduction in 2020, PayPal has continuously promoted innovations in the field of financial technology. The newly added coins, link and SOLwill be available for US users from PayPal and Venmo within a few weeks.
May Zabaneh, Vice President of the Blockchain & Crypto department at PayPal, sees this expansion an important step. According to Zabaneh, the support of other cryptocurrencies offers users more flexibility, selection and access to digital assets. This decision is a reaction to customer feedback, which demanded a greater variety of cryptocurrencies on the platforms.
Strategic further development
The integration of Link and Sol is part of PayPal’s strategy to play a central role in digital payment transactions. In addition to the support of various cryptocurrencies, PayPal introduced his own stablecoin in August 2023, which is coupled to the US dollar.
PayPal emphasizes his commitment to a safe, reliable and user -friendly environment for crypto transactions. With the expansion by Link and SOL, the company would like to further consolidate its position as a leading player in the FinTech and crypto sector.
The integration of SOL and LINK into the PayPal ecosystem is positive for both old coins. The 434 million users of PayPal are now accessing these popular coins. At the beginning, however, the announcement had little influence on the courses: in a generally weak cryptoma market, Sol lost around 16 % and Link 15 % in value. A day later, both coins recovered by more than 7 %.