PayPal announced plans to enable us users to buy, sell and transfer Solana (SOL) and Chainlink (link) through its core platform and Venmo, so that the latest expansion in the Crypto offer of the Payments Giant is marked.
The rollout, which will take place in the coming weeks, will increase the supported digital assets from PayPal to seven and respond to users’ growing demand for wider tokenta access, according to a April 4 press release.
By adding Solana and Chainlink, two assets that are known for their decentralized infrastructure and Enterprise tool, PayPal wants to meet a wider segment of crypto users, from retail investors to developers and data providers.
The update comes in the midst of continuous volatility in the cryptomarket, but reflects PayPal’s long -term bet that digital assets will become a core component of digital trade.
PayPal CEO Alex Chriss, who took over it at the end of 2023, did not publicly talk about the company’s crypto route map, but his predecessor, Dan Schulman, was a pronounced advocate for Blockchain integration, in which it was stated in 2022 that “the cross between digital currency and the digital portione was.”
With the addition of Sol and Link, PayPal strengthens its role as a bridge between traditional payment infrastructure and blockchain-based financing.
Crypto extension
The movement emphasizes PayPal’s wider strategy to integrate on blockchain -based assets into financial aids for consumers. The company went for the first time in the Crypto market in October 2020, when it enabled American customers to buy and hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) within his app.
This launch was followed by Crypto Checkout functionality in March 2021, so that users can issue digital assets to millions of traders by automatically converting them in Fiat at the point of sale.
In 2023, PayPal became the first major American financial platform to publish his own American dollar-supported Stablecoin, PayPal USD (Pyusd), through a partnership with regulated emittent Paxos. The launch of the token meant an important milestone and caught the attention of legislators and supervisors as the debate on the supervision of Stablecoin increases.
According to Defillama, Pyusd surpassed $ 1 billion in market capitalization from August 2024 before he stabilized around $ 760 million.
Although the figure is modest compared to Stablecoin giants such as Tether (USDT) and USD Coin (USDC), analysts consider PayPal’s involvement as a signal of growing institutional confidence in the sector.
In October PayPal completed a business-to-business transaction using Pyusd to arrange an invoice with the Ernst & Young consultancy, with the use of the use of Stablecoin in company financing.
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