PayPal Expands Crypto Services with Solana and Chainlink

In a significant move for the cryptocurrency market, PayPal has announced that digital asset users in the United States and U.S. territories can now buy, sell

PayPal is expanding its cryptocurrency services by adding direct support for Solana (SOL) and Chainlink (LINK) on its platform, allowing users in the U.S. and its territories to buy, sell, hold, and transfer these two digital assets.

This is the first time that users can engage with SOL and LINK without needing a third-party service provider like MoonPay, which previously facilitated purchases through PayPal.

Previously, PayPal customers could only use the platform’s services as a payment method to buy Solana and Chainlink through MoonPay. However, with the introduction of direct support for SOL and LINK, PayPal is further enhancing its crypto ecosystem, making it easier for users to interact with these two popular assets.

According to The Block’s price tracking page, the prices of Solana and Chainlink were largely unchanged following the announcement.

PayPal began rolling out support for digital assets in October 2020 with the launch of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It also unveiled its dollar-pegged stablecoin, PayPal USD, in August 2023, which operates on both Ethereum and Solana blockchains.

One factor that may have influenced PayPal’s gradual approach to listing new cryptocurrencies is the regulatory uncertainty surrounding digital assets in the U.S. Federal agencies have been particularly active in scrutinizing the crypto sector.

The Securities and Exchange Commission (SEC) also filed lawsuits in June 2023 against major crypto exchanges Binance and Coinbase, which raised concerns about the regulatory treatment of assets like Solana, with the SEC considering it as a potential unregistered security.

However, the SEC later withdrew its complaint against Coinbase and paused litigation in the Binance case, which may have cleared the path for further crypto listings.