PayPal Expands its U.S. Cryptocurrency Offerings by Integrating Solana and Chainlink

This addition brings the number of PayPal crypto offerings to seven options. These include Bitcoin, ETH, Litecoin, Bitcoin Cash, and PayPal USD (the company's native stablecoin).

PayPal (NASDAQ:PYPL) has announced the addition of Solana (CRYPTO: SOL) and Chainlink (CRYPTO: LINK) to its U.S. cryptocurrency offerings. This integration brings the total number of cryptocurrencies available on PayPal to seven, expanding its digital asset portfolio for American customers.

Earlier this year, PayPal unveiled its own stablecoin, dubbed "PayPal USD." It is now used by the company for various services, including merchant payment processing.

Earlier this year, a report by ValueHedge stated that PayPal is planning to launch an institutional-grade crypto trading platform by the fourth quarter. The report also mentioned that PayPal is in talks with several major crypto hedge funds to provide them with liquidity on the platform.

What Happened: U.S.-based payments giant PayPal has announced the addition of Solana and Chainlink to its cryptocurrency offerings in the country. The move brings the total number of cryptocurrencies available on PayPal to seven, expanding its digital asset portfolio for American clients.

The additions come as part of PayPal’s broader strategy to expand its cryptocurrency offerings. Earlier this year, the company launched its own stablecoin, called PayPal USD. The company is also planning to launch an institutional-grade crypto trading platform later this year.

Solana and Chainlink are both popular cryptocurrencies with strong followings. Solana is a high-throughput blockchain that is known for its speed and low fees. It is also a popular choice for decentralized applications (dapps), with its ecosystem expanding rapidly to include projects like Kamino Meta-Swap, which focuses on improving token swap efficiency and liquidity.

Chainlink, on the other hand, is a decentralized oracle network that provides a crucial link between smart contracts and real-world data sources. It is a key part of the blockchain infrastructure, providing the verified data feeds that are needed by decentralized finance (DeFi) apps.

Why It’s Important: The integration of Solana and Chainlink into PayPal's offerings marks a significant step in the company's broader strategy to expand its cryptocurrency offerings.

As reported by the Block in March, PayPal is planning to add the ability for users to withdraw their bitcoin (CRYPTO: BTC), ether (CRYPTO: ETH), litecoin (CRYPTO: LTC), bitcoin cash (CRYPTO: BCH), and PayPal USD balances to an external wallet.

The move comes as other financial giants, such as Venmo and Cash App, are also increasing their focus on cryptocurrency features.

What Next: With the addition of Solana and Chainlink, and the pending ability for users to move their cryptocurrency holdings off of the platform, PayPal is rapidly expanding its cryptocurrency offerings.