PayPal Holdings has announced the addition of two new cryptocurrencies, Solana and Chainlink, to its Venmo and PayPal services for users in the US.
New Cryptocurrencies in PayPal
Users will be able to purchase, transfer, or sell these assets directly from their accounts. This rollout is expected to happen in the coming weeks, increasing the total number of supported cryptocurrencies to seven.
PayPal's Cryptocurrency Strategy
According to May Zabaneh from PayPal, this addition aligns with the company’s goal of increasing its presence in the crypto market. It will open PayPal to a larger segment of crypto users including data providers, developers, and retail investors.
History of Cryptocurrency Adoption in PayPal
Current PayPal CEO Alex Chriss has not commented much on the company's plans for crypto adoption, while former CEO Dan Schulman has been an advocate for this integration. In 2022, he mentioned, "the intersection between digital currencies and the digital wallet is a clear opportunity." PayPal first integrated crypto in October 2022, allowing US customers to purchase Bitcoin and other assets.
PayPal's expansion into the world of cryptocurrencies highlights the growing importance of digital assets in e-commerce, despite market volatility.
