Expands Cryptocurrency Availability in the U.S. through Solana and Chainlink Collaboration (PayPal)
Fresh Take:
PayPal's crypto game just leveled up! US users can now play with Solana and Chainlink on their PayPal and Venmo apps. These new blockchain contenders join the platform's growing roster of supported cryptocurrencies.
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Solana and Chainlink bring fresh features to PayPal's crypto arsenal, with Solana's lightning-fast processing capabilities and Chainlink's reliable real-world data feeds for smart contracts. This update caters to developers, investors, and data providers seeking more functionality in their crypto adventures.
Previously, PayPal's crypto newbies had to take a detour to external platforms like MoonPay to get their Solana and Chainlink fix. PayPal's programmers are currently hard at work to make transactions hassle-free, right within the PayPal system. The updates are expected to roll out in the weeks to come, according to the company's April 4 announcement.
Expanding the Blockchain Universe
From Bitcoin to Ethereum and Litecoin, PayPal's love for cryptocurrency runs deep. The platform welcomed Bitcoin Cash to the party, and in 2021 introduced a checkout system that let customers trade their crypto assets for fiat currency during checkout transactions. With the addition of Solana and Chainlink, the list of supported cryptocurrencies swells to an impressive nine.
Diving Headfirst into Stablecoins
In 2023, PayPal ventured into the world of stablecoins and partnered with Paxos to launch its own stablecoin, PYUSD, on the Ethereum blockchain. This exciting innovation enabled real-world business transactions, such as the settling of an invoice with consulting firm Ernst & Young. PYUSD has steadily grown and is now available on the Stellar blockchain, thanks to PayPal's recent plans to leverage Stellar's fast and affordable transaction capabilities for improved cross-border payments and boosting stablecoin transactions.
Treading Carefully in Regulatory Waters
PayPal approaches the crypto world cautiously due to the complicated web of U.S. regulations. Keeping a close eye on evolving policies and growing institutional adoption, PayPal may soon welcome more digital assets to its ever-expanding crypto family. Exciting times are ahead!
As of mid-June 2025, PayPal hasn't announced plans for direct Solana and Chainlink trading within the PayPal or Venmo apps. However, the stage is set for a crypto takeover! Remember, PayPal's official help center and cryptocurrency terms are the most reliable sources for the latest updates on supported assets and trading options.
- Cryptocurrency: A digital or virtual form of currency that uses cryptography for security.
- Chainlink: A decentralized network that provides reliable real-world data feeds for smart contracts.
- Solana: A high-performance blockchain platform capable of processing thousands of transactions per second.
- PyUSD: A stablecoin issued by PayPal on the Ethereum blockchain through a partnership with Paxos.
- MoonPay: A platform that enables the buying, selling, and trading of cryptocurrencies, used by PayPal users to access Solana and Chainlink before the recent update.
- Stablecoin: A type of cryptocurrency pegged to the value of a stable asset, such as the U.S. dollar.
Today's announcement by PayPal signals a significant expansion in its crypto offerings, with the addition of Solana and Chainlink as supported cryptocurrencies on their platform. This measure demonstrates PayPal's continuing interest in crypto technology, suggesting a possible venture into more digital assets in the future.
Moreover, PayPal's recent partnership with Paxos and launch of the stablecoin, PYUSD, on the Ethereum blockchain highlights the company's foray into the stablecoin market, aiming to revolutionize real-world business transactions. Although direct trading of Solana and Chainlink within the PayPal or Venmo apps might not be immediately available, the recent update paves the way for a potential crypto takeover in the near future.
With PayPal's history of embracing diverse cryptocurrencies, like Bitcoin, Ethereum, and Litecoin, alongside its innovative solutions like the integration of Bitcoin Cash and PYUSD, it's clear that this technology giant continues to leverage its fintech expertise in the dynamic world of crypto finance and technology.
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