PayPal announced plans to allow US users to buy, sell, and transfer Solana (SOL) and Chainlink (LINK) through its core platform and Venmo, marking the latest expansion in the payments giant’s crypto offerings.

The rollout, set to take place in the coming weeks, will increase PayPal’s supported digital assets to seven and respond to growing user demand for broader token access, according to an April 4 press release.

By adding Solana and Chainlink, two assets known for their decentralized infrastructure and enterprise utility, PayPal aims to cater to a broader segment of crypto users, from retail investors to developers and data providers.

The update comes amid continued volatility in the crypto market but reflects PayPal’s long-term bet that digital assets will become a core component of digital commerce.

PayPal CEO Alex Chriss, who took over in late 2023, has not spoken publicly about the company’s crypto roadmap, but his predecessor, Dan Schulman, was an outspoken advocate for blockchain integration, stating in 2022 that “the intersection between digital currencies and the digital wallet is a clear opportunity.”

With the addition of SOL and LINK, PayPal is reinforcing its role as a bridge between traditional payment infrastructure and blockchain-based finance.

Crypto expansion

The move highlights PayPal’s broader strategy to integrate blockchain-based assets into consumer financial tools. The company first entered the crypto market in October 2020, when it enabled US customers to buy and hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) within its app.

That launch was followed by crypto checkout functionality in March 2021, allowing users to spend digital assets at millions of merchants by automatically converting them into fiat at the point of sale.

In 2023, PayPal became the first major US financial platform to issue its own US dollar-backed stablecoin, PayPal USD (PYUSD), through a partnership with regulated issuer Paxos. The token’s launch marked a significant milestone, attracting attention from lawmakers and regulators as the debate over stablecoin oversight intensified.

According to DeFiLlama, as of August 2024, PYUSD briefly surpassed $1 billion in market capitalization before stabilizing around $760 million in circulation.

While the figure is modest compared to stablecoin giants like Tether (USDT) and USD Coin (USDC), analysts view 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 settle an invoice with consulting firm Ernst & Young, showcasing the stablecoin’s use in corporate finance.

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Robinhood has launched a dedicated prediction market hub that will allow users to trade contracts based on the outcomes of key global events.

According to a March 17 statement, the platform’s initial offerings include contracts tied to the Federal Reserve’s target interest rate for May and the men’s and women’s College Basketball Tournaments.

The firm explained:

“Each contract represents an approximate probability between 1% and 99%, with each cent effectively representing a 1% probability that the event will occur. For example, if a contract is priced at 53 cents, this can be interpreted as a 53% probability that it will occur according to that market.”

The service will be available to eligible customers across the US through KalshiEX LLC, a regulated exchange overseen by the Commodity Futures Trading Commission (CFTC).

Over time, Robinhood plans to introduce contracts covering various topics, including financial markets, politics, and sports.

J.B. Mackenzie, Robinhood’s VP and GM of Futures and International emphasized the company’s commitment to innovation and highlighted the importance of prediction markets in capturing insights across finance, news, and culture.

The firm further explained that building a standalone prediction markets hub allows it to better serve its customers looking to engage with events that align with their interests.

Robinhood’s prediction marketplace efforts

Prediction markets allow traders to place financial bets on future events, incentivizing accurate forecasting. While these markets faced regulatory hurdles in the US, interest has grown recently.

During the 2024 US presidential election, event-based betting platforms like Polymarkets saw increased participation and correctly predicted Donald Trump’s victory.

Robinhood briefly entered this space during that period, offering election-related contracts. The company later tested a Super Bowl betting market but withdrew it due to compliance challenges.

Robinhood asserts that its latest initiative follows all necessary regulatory guidelines this time. The company said it has engaged with the CFTC to ensure compliance, with Mackenzie stating:

“We’re excited to offer our customers a new way to participate in prediction markets and look forward to doing so in compliance with existing regulations.”

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