Payment giant PayPal adds Chainlink (LINK) and Solana (SOL) to its growing list of supported cryptocurrencies

In a significant move toward expanding its crypto footprint, PayPal has added Chainlink and Solana to its growing suite of supported digital assets.

PayPal is expanding its cryptocurrency offerings with the addition of Chainlink (LINK) and Solana (SOL) tokens to its platform, according to an announcement.

The move was driven by user demand and will provide greater flexibility and broader access to digital assets, said May Zabaneh, PayPal’s Vice President of Digital Currencies.

"We are naturally expanding the tokens available on PayPal to include Chainlink and Solana,” Zabaneh added.

The company’s statement also mentions that both tokens are now supported on Venmo, PayPal’s subsidiary, enabling U.S.-based users to manage these tokens in both their PayPal and Venmo accounts.

PayPal highlighted Solana’s role as a leading blockchain platform recognized for its speed and low transaction costs. Chainlink, on the other hand, is praised for enabling cross-chain interoperability, a crucial aspect for decentralized finance (DeFi) and other blockchain use cases.

The timing of the announcement comes amid increasing institutional interest in crypto. Solana recently saw integration on Polymarket, and BlackRock’s BUIDL token also launched on the Solana network. Chainlink continues to deepen its enterprise utility, most recently partnering with ADGM to develop tokenization frameworks in the UAE.

Both SOL and LINK, with a combined market cap exceeding $80 billion, are included in the top 11 cryptocurrencies. Following PayPal’s announcement, Solana rose 5.42% in value and Chainlink gained 1.37%, showcasing positive market sentiment.

PayPal’s involvement in crypto began in 2020 with the integration of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. In August, the company unveiled its own stablecoin, PayPal USD (PYUSD), further expanding its presence in the digital currency domain.