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

In a significant move for the cryptocurrency industry, PayPal has announced the addition of Solana (SOL) and Chainlink (LINK) to its growing list of supported digital assets.

PayPal is expanding its cryptocurrency offerings by adding Solana (SOL) and Chainlink (LINK) to the lineup of digital assets available for purchase, sale, and holding through its platform.

As of Wednesday, U.S.-based customers can now trade SOL and LINK directly within the PayPal app, providing convenient access to two popular cryptocurrencies.

This latest addition brings the total number of supported digital currencies on PayPal to seven. Previously, users could buy, sell, and hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and PayPal USD (PYUSD).

Solana, known for its high-speed transaction processing and scalability, is widely used in decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other blockchain-based projects.

Chainlink, a decentralized oracle network, plays a crucial role in expanding the functionality of decentralized applications (dApps) by providing accurate and secure data feeds to smart contracts.

The integration of Solana and Chainlink into PayPal's platform provides users with an efficient and cost-effective means of engaging with these cryptocurrencies.

The move also marks a significant step in the broader trend of institutional acceptance of digital assets.

Major financial platforms like PayPal are venturing into the crypto space to provide a user-friendly experience for those who prefer not to create accounts on dedicated crypto exchanges.

Earlier this year, in May, PayPal introduced its own stablecoin, PYUSD, to the Solana blockchain, aiming to enhance transaction speeds and lower costs for users.

However, there are still limitations on transferring certain crypto assets to external wallets, which is a feature that some users have requested.

Currently, only BTC, ETH, LTC, and BCH can be sent to external wallets, while there are no options yet for transferring PYUSD, SOL, and LINK to other wallets.

This latest development highlights PayPal's ongoing efforts to broaden its crypto services and provide users with a more diverse range of investment options.