PayPal Adds Solana (SOL) and Chainlink (LINK) To Its List of Supported Crypto Assets

PayPal expanded its list of supported cryptocurrencies, allowing both PayPal and Venmo users to buy, hold, sell, and transfer tokens from their accounts. 

The additional tokens will become available to US users within the next few weeks. 

PayPal Expands Its Cryptocurrency Offerings

Global payments platform PayPal Holdings, Inc. announced it would add two cryptocurrencies, Solana (SOL) and Chainlink (LINK), to its list of supported assets. In the April 4 announcement, PayPal stated that SOL and LINK are “now available for both PayPal and Venmo users to buy, hold, sell, and transfer directly in their respective accounts.” According to PayPal’s statement, it will roll out support for these assets over the next few weeks, adding that it will extend the feature to Venmo users. Venmo is a US mobile payments platform acquired by PayPal in 2013. 

While PayPal is a global payment system, its crypto services are only available to US residents.  

The addition of Solana and Chainlink reflects PayPal’s continued dedication to and engagement with the crypto space after launching its initial support for digital assets in 2020.  

May Zabaneh, Vice President of Product, Blockchain, Crypto, and Digital Currencies PayPal, commented on the company’s latest move, emphasizing PayPal's mission of revolutionizing payments. Zabaneh said:

“Since we initially made cryptocurrencies available on PayPal and Venmo, we’ve been listening to our users about what they want to do with crypto on our platforms. One piece of feedback we’ve heard is to make additional tokens available that align with our mission of revolutionizing payments.”

Adding,

“Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies. This allows for more options to buy, send or spend within our trusted PayPal and Venmo wallets.”

PayPal, Venmo, and Cryptocurrencies

While PayPal is not a crypto trading platform, it has embraced the crypto industry and positioned itself firmly in the realm of crypto payments. PayPal now supports seven cryptocurrencies, including its recently launched PYUSD stablecoin. The successful launch of PYUSD on Ethereum in August 2023 spurred the company to expand its stablecoin to the Solana blockchain, highlighting the network’s efficiency and cost-effectiveness in processing transactions. 

Under the ownership of PayPal, Venmo also forayed into the crypto space. In October 2024, Venmo announced a partnership with crypto platform MoonPay, allowing Venmo’s 60 million active users to seamlessly buy cryptocurrencies without the need for additional accounts or payments. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.