Leading payment service provider PayPal has announced a new expansion of its capabilities, adding support for Solana (SOL) and Chainlink (LINK) tokens for users. They can now conduct transactions with these cryptocurrencies directly through the PayPal and Venmo apps.
This is reported by Business • Media
PayPal emphasized that this move is a response to the growing demand from users and a confirmation of their commitment to the development of the digital economy. 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 to have more options for buying, sending, or spending in our secure PayPal and Venmo wallets.”
It is worth noting that PayPal began supporting Bitcoin, Litecoin, and Ethereum back in 2020 and later expanded its capabilities to Venmo. In 2023, the company launched its own stablecoin PYUSD on Ethereum, and subsequently on Solana. In September 2024, PayPal and Venmo also integrated the Ethereum Name Service domain name protocol, further enhancing their capabilities in the cryptocurrency space.
Additionally, in October 2024, the service successfully conducted its first B2B transaction in PYUSD, paying for services from the renowned auditing firm Ernst & Young. PayPal and Venmo have also integrated payment solutions from MoonPay, allowing users to purchase cryptocurrencies using bank accounts or cards.
In a new announcement, MoonPay noted that over 60 million Venmo users in the U.S. can now buy cryptocurrency using their Venmo balance, making the process even simpler and more accessible for everyone.