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PayPal quietly adds Solana & Chainlink support for US users
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External transfers are not supported yet
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SOL & LINK prices dipped ~8% & ~5% respectively despite PayPal platform addition
PayPal quietly added Solana and Chainlink to its supported cryptocurrencies list for users in the United States.
The update was posted on the company’s developer portal and help center, but no official announcement has been made regarding a release date.
PayPal’s Crypto Offerings Expand
PayPal has added a new stablecoin to its crypto lineup. It already includes Bitcoin (BTC), Ethereum, Litecoin, Bitcoin Cash, and Bitcoin Cash.
PayPal has steadily grown its digital asset operations since launching crypto services in 2020 for U.S. clients. Initial services allowed users the ability to buy, hold, and sell selected cryptocurrencies. PayPal launched its PYUSD stablecoin 2023 and extended these services to the UK.
PayPal’s assets have been significantly expanded with the addition of SOL, a network known for its high transaction throughput.
Transfer restrictions still apply to new additions
PayPal allows U.S. users to buy, sell and hold Solana or Chainlink, but it is not possible to transfer these assets directly to external wallets. PayPal supports only BTC, ETH LTC BCH and PYUSD external wallet transfers to compatible wallets.
Related:PayPal & Visa Fuel Crypto Adoption With New Offerings
PayPal’s latest crypto-additions follow other recent actions, such as expanding crypto access for U.S. Business Accounts in late 2024. This will allow merchants to transact and hold digital assets.
SOL, LINK prices drop despite PayPal news
Instead of rallying in response to the PayPal news, Solana’s (SOL) price fell, trading at $115.82 (-7.95% for 24h, -15.89% for a week).
RelatedPayPal & Venmo Adopt ENS for Smooth Crypto Transactions
Similarly, Chainlink’s (LINK) price also fell, trading at around $12.80 (-5.12% in 24 hours, -18.21% in a week). LINK’s circulating supply had a value of around $8.17billion.
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