PayPal Adds Solana and Chainlink for U.S. Users in Expanded Crypto Services.

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 Crypto Move Marks Continued Expansion Into Digital Assets.

The move is part of PayPal’s gradual expansion into the crypto sector. The company first introduced crypto services in October 2020, supporting Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. In August 2023, it launched its stablecoin, PayPal USD, issued on Ethereum and Solana, marking a more profound commitment to crypto.

Furthermore, 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.

The seamless operation of many blockchain applications depends heavily on Chainlink’s services, making it a highly attractive addition for developers and traders. By adding Solana and Chainlink, PayPal continues to execute its strategy of becoming a dominant player in the cryptocurrency ecosystem.

PayPal’s decision to add these two notable assets follows an era of improved regulatory clarity and a surge in institutional interest within the cryptocurrency space. While U.S. customers and those in its territories can access these assets, they anticipate expanding global access shortly.

The growing interest in cryptocurrencies among investors prompted the gateway giants to expand their offerings, showcasing their drive to stay at the forefront of the digital finance revolution.

U.S. customers can buy and trade Solana and Chainlink with their other digital currencies, making PayPal a convenient all-in-one platform for managing cryptocurrency.

Nonetheless, the latest move comes a few weeks after  BNB Chain surged to the top spot in decentralized exchange (DEX) trading volume, leaving Solana in its wake.