Solana, Chainlink Support Coming to Both PayPal and Venmo

PayPal and Venmo to Allow Users to Buy, Sell, and Hold Solana and Chainlink

PayPal and Venmo, popular payment apps, will soon enable users to purchase, sell, hold, and transfer Solana and Chainlink directly within their accounts, alongside Bitcoin and Ethereum.

Adding New Coins Reflects PayPal’s Dedication to the Evolving Digital Currency Landscape

PayPal stated that the addition of the new coins, which are among the top 15 most valuable cryptocurrencies by market cap, according to CoinGecko, reflects the company’s dedication to the evolving digital currency landscape.

Users Will Have Greater Flexibility and Choice with More Tokens on PayPal and Venmo

May Zabaneh, PayPal’s VP of Product, Blockchain, Crypto, and Digital Currencies, stated that offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies, allowing for more options to buy, send, or spend within their trusted PayPal and Venmo wallets.

Access to Chainlink and Solana Purchases Will Roll Out to Users in-App Over the Next Few Weeks

Access to Chainlink and Solana purchases will roll out to users in-app over the next few weeks.

PayPal’s Crypto Footprint Continues to Expand

PayPal began allowing users to buy, sell, or hold Bitcoin and Ethereum directly in 2020 and has since made moves to advance its crypto product offering, expanding capabilities to its popular Venmo mobile payments app.

Since then, the firm has gradually expanded its crypto footprint, launching its own dollar-pegged stablecoin (PYUSD) on Ethereum in 2023 before expanding it to Solana. In September 2024, business account owners were granted the ability to buy, sell, and hold assets directly via their accounts.

The company has also teamed with crypto payments platform MoonPay, allowing users of Venmo to utilize their balance, bank, or debit card to purchase any cryptocurrency via MoonPay’s payment rails. The same feature was added in PayPal as early as May 2024.

PayPal’s Goal of Having 20 Million Merchants Using Its PYUSD Stablecoin by the End of 2025

PayPal recently stated a goal of having 20 million merchants using its PYUSD stablecoin by the end of 2025. Around the time of that announcement, shares in the company were trading around $77, but its PYPL stock has slid to $58.47 at the time of writing, marking a loss of around 32% year-to-date.

Solana and Chainlink are Both Up in the Last 24 Hours

Solana and Chainlink are both up in the last 24 hours, gaining 5.2% and 1.4% respectively.

Conclusion

PayPal and Venmo’s decision to add Solana and Chainlink to their platform reflects the company’s commitment to expanding its crypto offerings and providing users with greater flexibility and choice. The move is expected to roll out to users in-app over the next few weeks.

FAQs

• Q: When will users be able to access Solana and Chainlink purchases on PayPal and Venmo? A: Access to Chainlink and Solana purchases will roll out to users in-app over the next few weeks.
• Q: What is the significance of adding Solana and Chainlink to PayPal and Venmo? A: The addition reflects PayPal’s dedication to the evolving digital currency landscape and provides users with greater flexibility, choice, and access to digital currencies.
• Q: How has PayPal’s crypto footprint expanded over time? A: PayPal has gradually expanded its crypto footprint, launching its own dollar-pegged stablecoin (PYUSD) on Ethereum in 2023 before expanding it to Solana. The company has also teamed with crypto payments platform MoonPay and added features such as the ability to buy, sell, and hold assets directly via business accounts.
• Q: What is PayPal’s goal for its PYUSD stablecoin? A: PayPal aims to have 20 million merchants using its PYUSD stablecoin by the end of 2025.