Can I Buy Solana (SOL) on PayPal Crypto?
Unfortunately, no. At the time of writing, it is not possible to buy Solana (SOL) on the PayPal crypto platform. This is because PayPal Crypto currently only allows users to buy, hold and sell four cryptocurrencies - Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Due to regulatory constraints, PayPal has not made any announcements that they will be adding new popular tokens like Solana or Avalanche in 2022.
How to Buy Solana with PayPal?
The best way to buy Solana tokens with a PayPal deposit is through a licensed and regulated trading platform like eToro. They accept fast and cheap PayPal deposits to trade over 80 cryptos which include Solana, AVAX and other popular Layer 1 tokens. Their exchange charges low trading fees and has industry-leading spreads for competitive execution.
You can get started in 4 simple steps:
- Create an account: Sign up to eToro.
- Deposit funds: Select the 'Deposit Funds' button on the bottom of your screen and select 'PayPal'. Follow the prompts to connect your PayPal account.
- Find Solana (SOL): Once the PayPal deposit hits your account, find the Solana token on the eToro platform with their 'Discover' tab.
- Execute your trade: Input the amount you want to invest and execute your trade.
What is PayPal's Crypto Policy?
PayPal has been one of the most popular online payment processors for many years. In recent months, they have taken steps to embrace cryptocurrency as well. In October 2020, PayPal announced that it would allow customers to buy, hold, and sell cryptocurrencies directly from their PayPal accounts. This move was seen as a major step forward for the mainstream adoption of cryptocurrency.
However, PayPal's crypto policy has been criticized by some in the cryptocurrency community. One of the main criticisms is that PayPal only allows transactions in a handful of cryptocurrencies. As of right now, the only cryptocurrencies that can be bought, sold, or held on PayPal are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This limited selection excludes many popular cryptocurrencies, such as Solana, UniSwap, Dogecoin, Shiba Inu and others.
Solana is a high-speed, decentralized finance (DeFi) focused blockchain that can process 50,000 transactions per second. The native SOL token powers the Solana ecosystem and is required to stake SOL and use the network's validator nodes.The Solana Foundation was founded in 2017 by Anatoly Yakovenko and Greg Fitzgerald with the goal of building a fast, scalable and user-friendly blockchain protocol. The Solana project raised $20 million from a group of high-profile investors, including Polychain Capital and Multicoin Capital.
The Solana network went live in March 2020 and has since seen rapid adoption by the DeFi community. Some of the most popular Solana-based applications include Serum DEX, Raydium DEX and Solend. As the DeFi space continues to grow, Solana is positioning itself as a leading blockchain protocol for high-speed decentralized finance applications.
n summary, while PayPal has made strides towards embracing cryptocurrency, their limited selection of cryptocurrencies has left many users seeking alternative options to invest in popular tokens like Solana. Fortunately, licensed and regulated exchanges like eToro offer a solution for those looking to buy Solana with PayPal deposits. By following the four simple steps outlined in this article, users can easily invest in Solana and over 80 other cryptocurrencies with low fees and competitive execution.