- PayPal expands support for cryptocurrencies to now include Solana and Chainlink for US customers.
- US PayPal users can now buy, sell, hold, and transfer these additional cryptocurrencies through their PayPal account and app.
- PayPal already held support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash being available for US users.
- This expansion comes on the heels of an increasingly friendly US regulatory environment towards digital assets.
PayPal is expanding its reach into the digital assets industry by now offering support for cryptocurrencies Solana (SOL) and Chainlink (LINK).
Previously customers could only use PayPal as an option to buy SOL and LINK through MoonPay, a popular FinTech company which facilitates the purchase of cryptocurrencies. Now however, such an option is available natively for PayPal users in the US.
PayPal also allows for users to set up price alerts on their supported cryptocurrencies. This could be useful for not only tracking the general price of one’s assets, but for knowing when a crypto enters a desired buy zone, which could then be purchased through the same PayPal account/app.
PayPal
PayPal has retained dominance as a relevant financial services company over a number of decades. PayPal was actually at one point named X.com in 2000, when controversial tech-billionaire Elon Musk was a co-founder of the firm.
PayPal has offered crypto services since 2020 and even issued their own stablecoin in 2023 named PayPal USD. This latest expansion to support Solana and Chainlink in the US marks another step in the expansion of digital assets on PayPal.
Related: Australian Financial Industry Labelled “Negligent” Over Crypto Ignorance
Regulatory Clarity
This recent move by PayPal marks another small step in the mass adoption of digital assets currently taking place on a global scale.
Positive news for the adoption of cryptocurrencies has ramped up in recent months, particularly in the US, following a more friendly regulatory environment for digital assets since the new administration came to power.
Previously regulatory uncertainty in the US regarding digital assets has led to a cautious approach by firms to expand their adoption and offerings of cryptocurrencies, particularly given the sweeping lawsuits issued by the SEC across the industry.
However, with a large number of these lawsuits having now been ruled in favour of the crypto industry or dismissed all together, innovation in digital assets has some breathing room once again.
Recently Trump executed an order to create a Strategic Bitcoin Reserve. The Bitcoin is to be acquired by budget-neutral strategies, with some speculation regarding whether the US government might sell gold to acquire it. Trump also created his own memecoin TRUMP, as did the first lady Melania with her memecoin MELANIA.
Related: BitBonds: How the US Government Could Buy Bitcoin – and Slash its Debt, According to the Bitcoin Policy Institute
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