PayPal, the world's largest online payments company, has expanded cryptocurrency services in the US by adding Solana (SOL) and Chainlink (LINK) as tradable assets on the platform from today. This is another move by PayPal towards the adoption of digital assets onto its platforms and getting its huge user base into the cryptocurrency universe.
Solana's low-latency, low-cost blockchain has been widely adopted by both the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems. Chainlink, as a decentralized oracle network, is a basic building block allowing for the provision of external data from the outside world into smart contracts running on multiple blockchains and hence is a basic building block of Web3.
The inclusion of these two prominent cryptocurrencies on the PayPal platform allows US consumers to have the ease of easily buying, selling, and holding SOL and LINK and other cryptocurrencies on the platform, such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The integration provides a familiar and established experience for PayPal's tens of millions of users to engage with these new digital assets.
This expansion is a key stepping stone to mass adoption for Chainlink and Solana. The massive PayPal user base of both retail customers and merchants is a gigantic platform for increased usage and visibility of the two coins. The convenience of PayPal's website may even draw new users and investors into the Solana and Chainlink platforms.
PayPal's addition of Solana and Chainlink is one of its efforts to catch up with increased levels of demand by its consumers for additional cryptocurrencies, as indicated by individuals privy to the information. Listing the top digital currencies was a move to make itself an even more attractive hub to more consumers and become a participant in the emerging digital economy.
PayPal made its entry into the world of cryptocurrencies late in 2020, first supporting users to purchase, sell, and store only a few cryptos. Subsequently, the company has further developed its cryptocurrency-related offerings progressively, including providing crypto payment on online transactions and looking at possible integrations with other blockchain protocols.
The inclusion of Solana and Chainlink is a substantial expansion of PayPal's cryptocurrency portfolio, with it indicating greater confidence in the long-term horizon for these assets and a wish to provide its customers with a range of investment opportunities in the world of digital assets. The move will likely be welcomed by crypto enthusiasts and could pave the way for further integrations of other digital assets onto the PayPal platform going forward.
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