Today, PayPal announced it’s expanding its cryptocurrency offerings to include Chainlink (LINK) and Solana (SOL). Over the next several weeks, PayPal and Venmo users in the U.S. will gain the ability to buy, hold, sell, and transfer LINK and SOL within their respective wallets.
Chainlink is the most widely adopted web3 platform for data, computation, and cross-chain interoperability. As the standard for onchain finance, Chainlink has reliably enabled over $20 trillion in transaction value. Solana is a leading high-performance, low-cost blockchain network for building fast, innovative DeFi applications powered by Chainlink Price Feeds and Data Streams.
The recently launched Chainlink Payment Abstraction system positions LINK as a universal gas token for purchasing Chainlink’s essential oracle services. Payment Abstraction reduces friction within the Chainlink Network by allowing users to pay for Chainlink services in various alternative assets, such as ETH, which are automatically converted to LINK.
May Zabaneh, Vice President of Product, Blockchain, Crypto, and Digital Currencies at PayPal, said the addition of LINK and SOL answers user demand for more tokens that support PayPal’s goals of revolutionizing payments and expanding consumer engagement with the cryptocurrency space.
“Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies,” she said in an official announcement. “This allows for more options to buy, send or spend within our trusted PayPal and Venmo wallets.”
With the addition of LINK and SOL, PayPal now offers seven digital assets, including the PayPal USD (PYUSD) stablecoin, which is supported by Chainlink’s PYUSD Price Feed on Ethereum mainnet.