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Tag: Chainlink

  • PayPal, Venmo add Chainlink and Solana to cryptocurrency offerings

    PayPal, Venmo add Chainlink and Solana to cryptocurrency offerings

    On April 4, PayPal Holdings, the global payments giant, disclosed that it is expanding its cryptocurrency offerings by adding Chainlink (LINK) and Solana (SOL) to its platform, as well as its subsidiary Venmo.

    According to the company, the development will allow users in the U.S. to buy, hold, sell, and transfer these digital assets directly within their PayPal and Venmo accounts.

    Read also: U.S. sees first Solana futures ETFs, marking crypto breakthrough

    Providing greater flexibility and choice

    “Since we initially made cryptocurrencies available on PayPal and Venmo, we’ve been listening to our users about what they want to do with crypto on our platforms,” stated May Zabaneh, Vice President of Product, Blockchain, Crypto, and Digital Currencies at PayPal. “One piece of feedback we’ve heard is to make additional tokens available that align with our mission of revolutionising payments.”

    The integration of Chainlink and Solana reflects PayPal’s commitment to meeting user demand and fostering greater accessibility to the cryptocurrency market.

    “Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies,” Zabaneh explained. “This allows for more options to buy, send or spend within our trusted PayPal and Venmo wallets.”

    Chainlink is recognised as a leading platform for data, computing, and cross-chain interoperability, enabling the development of more advanced blockchain applications. Solana, on the other hand, is a prominent blockchain known for its high speed and scalability, supporting a wide array of decentralised applications and crypto projects. Users can utilise SOL to engage in decentralised finance, make payments, participate in games, and contribute to community-run infrastructure networks.

    Read also: Solana marks 5th anniversary, reaching over 400 billion transactions since launch

    Gradual rollout over the coming weeks

    With the latest update, PayPal and Venmo users can anticipate the availability of LINK and SOL for purchase within the next few weeks. The company plans a gradual rollout to ensure a smooth and seamless integration of these new cryptocurrencies into its existing services. This expansion brings the number of cryptocurrencies available on PayPal’s US platform to seven, including its stablecoin, PayPal USD (PYUSD).

    PayPal’s venture into the cryptocurrency market has been marked by a strategic approach to providing a secure and user-friendly environment for digital asset management.

    Therefore, adding Chainlink and Solana underscores the company’s dedication to staying at the forefront of the evolving digital currency system and catering to the growing interest in various crypto assets.

  • Bitcoin rebounds as investors capitalise on dip amid economic concerns

    Bitcoin rebounds as investors capitalise on dip amid economic concerns

    Bitcoin, which recently experienced a downturn, surged on Friday alongside most altcoins as investors seized the opportunity to buy the dip.

    The rebound followed a report revealing a notable slump in U.S. consumer confidence, which hit its lowest level in two years.

    Concerns over the American president’s proposed tariffs and their potential impact on inflation and ongoing job cuts at Elon Musk’s Department of Government Efficiency have raised fears about the economy’s stability.

    Read also: Pi network’s 188 million token unlock sparks excitement and uncertainty: Will the market hold?

    Altcoins alongside bitcoin gain momentum

    Altcoins followed Bitcoin’s lead, with Ripple (XRP) climbing four percent and Chainlink (LINK), Bonk (BONK), and JasmyCoin (JASMY) posting gains exceeding five percent. Analysts suggest that economic uncertainty often drives investors toward riskier assets, particularly when signs of Federal Reserve intervention emerge.

    Historically, the reserve has responded to economic downturns with interest rate cuts and quantitative easing, fuelling demand for digital assets.

    “With consumer confidence plunging and recession fears rising, investors are looking for opportunities in alternative markets,” noted a strategist from Janney Montgomery Scott. “Cryptocurrencies tend to benefit in such conditions, especially when speculation on monetary policy shifts increases.”

    Furthermore, on Friday, U.S. stocks rallied significantly, with the Dow Jones rising by 625 points, the S&P 500 gaining 102 points, and the Nasdaq 100 climbing 400 points.

    Small-cap stocks, tracked by the Russell 2000, also jumped over three percent. Notably, gold exceeded a record high of $3,000, reflecting investor caution amid economic uncertainty.

    Read also: Russia adopts cryptocurrency to evade oil trade sanctions

    Fear over dead cat bounce

    Despite the rally, Janney warns that the recovery could be a “dead cat bounce”—a temporary rebound during a broader downtrend.

    “Nearly everyone is looking for a bottom and to ‘buy the dip’ at some point, but the current condition of the markets has not implied any real improvement on a technical basis,” noted an analyst from Janney Montgomery Scott.

    While the rebound offers hope, the possibility of a prolonged downturn remains, reminding investors to tread carefully in these volatile markets.