PayPal Enables Buying, Selling, and Transferring Solana (SOL) and Chainlink (LINK) in the U.S.
Users of digital assets in the U.S. and its territories can now buy, sell, hold, and transfer Solana (SOL) and Chainlink (LINK) directly on PayPal.
According to the company’s cryptocurrency FAQ page, this marks the first time these two assets have been integrated into the platform. Previously, customers could only purchase SOL and LINK using PayPal as a payment method on MoonPay.
PayPal first introduced cryptocurrency services in October 2020, initially supporting Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) for U.S. customers. In August 2023, the platform expanded further with PayPal USD (PYUSD), a stablecoin issued on the Ethereum and Solana blockchains.
The listing of SOL and LINK on PayPal represents a new milestone in the company’s digital asset strategy, providing users with more options for crypto transactions.
Regulatory uncertainty in the U.S. had previously made PayPal cautious about listing cryptocurrencies. Federal agencies have taken a tough stance on the industry, notably in the SEC’s June 2023 lawsuits against Binance and Coinbase, where Solana was classified as an unregistered security. However, in July 2024, the SEC withdrew its request for the court to classify SOL as a security in the Binance case.
Additionally, a more crypto-friendly stance from new U.S. leadership could benefit Solana and Chainlink. The SEC is currently reviewing multiple spot Solana ETF applications, while Chainlink co-founder Sergey Nazarov attended a White House digital assets conference in March.