PayPal, a well-known payment service provider, has announced a new expansion of its cryptocurrency capabilities. Users can now conduct transactions with Solana (SOL) and Chainlink (LINK) tokens directly through the PayPal and Venmo apps.
This is reported by Finway
According to the company, the new features respond to user demand and highlight their “commitment to the development of the digital economy.” PayPal’s Vice President of Products, Blockchain, Cryptocurrency, and Digital Currencies, May Zabane, stated:
“The increase in tokens on PayPal and Venmo provides more flexibility, choice, and access to cryptocurrencies for our customers, allowing them more options for buying, sending, or spending in our secure PayPal and Venmo wallets.”
This expansion is not PayPal’s first initiative in the cryptocurrency space. Since supporting Bitcoin, Litecoin, and Ethereum in 2020, the company has continually enhanced its services. In 2023, PayPal launched its own stablecoin, PYUSD, based on Ethereum, and later on Solana. In September 2024, the Ethereum Name Service domain name protocol was integrated, significantly expanding user capabilities.
Additionally, in October 2024, PayPal executed its first B2B transaction in PYUSD, paying for services from the auditing firm Ernst & Young. It is also noted that PayPal and Venmo have implemented payment solutions from MoonPay, allowing users to purchase cryptocurrencies using a bank account or card.