Investors now have the convenience of utilizing PayPal for cryptocurrency purchases directly through the Ledger Live app.
Ledger Live, the companion app for one of the most prominent hardware wallets, enables users to acquire cryptocurrencies using various fiat currency services.
The recent integration of PayPal enables users to link their PayPal accounts, streamlining the process by bypassing additional verification steps. This notable addition incorporates the payment giant into the app’s functionality.
Pascal Gaithier, CEO of Ledger, expressed his thoughts on this collaboration, stating: “We’re merging Ledger’s steadfast security with PayPal’s advanced payment technology to create a seamless platform for users’ crypto transactions.”
Currently, Ledger Live facilitates the purchase of four cryptocurrencies within the United States: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Details of the New Ledger Partnership
US users of Ledger can now directly purchase BTC, ETH, BCH, and LTC using their connected PayPal accounts.
However, for those without a PayPal account, setting up an account or completing a Know Your Customer (KYC) verification process will be necessary.
Whenever users acquire cryptocurrencies through PayPal, the obtained assets will be automatically transferred to their Ledger hardware wallets.
“Ledger is committed to simplifying the world of crypto, and PayPal is committed to making the movement of money as simple, secure, and affordable as possible. This integration provides greater optionality while giving users peace of mind converting dollars into crypto,” Gaithier added.
PayPal’s Foray into the Cryptocurrency Space
This partnership marks another significant stride by PayPal into the realm of cryptocurrencies.
This collaboration comes on the heels of PayPal introducing its new token, PayPal USD (PYUSD). Anchored to the US dollar, each PYUSD token is backed by a deposit equivalent of $1, ensuring stability and ease of conversion to dollars.
Dan Schulman, PayPal’s president and CEO, noted, “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar.”
The issuer behind PYUSD is Paxos Trust Company, also responsible for the USDP stablecoin and Pax Gold cryptocurrency. PYUSD is an ERC-20 token launched on the Ethereum blockchain.
PayPal’s New Crypto Hub
PayPal has recently unveiled its competitor to Ledger Live—a cryptocurrency hub offering a dashboard for investors to trade digital assets.
Access to this service is selective, contingent on eligibility criteria set by PayPal. Users must have a personal PayPal account and a Balance Account in good standing. The company verifies identification details including name, address, date of birth, and taxpayer identification number.
Ledger’s Dominance in the Market
Despite PayPal’s considerable reputation, Ledger holds a strong position in the cryptocurrency market. Previous collaborations with MoonPay, Transak, Ramp, Simplex, Loopipay, and Mercuryo allowed users to purchase crypto through Ledger. PayPal is the latest addition to this roster.
Gaithier emphasized, “Both PayPal and Ledger are focused on creating secure, seamless, and fast transactions no matter where you are in the world.”
This partnership contributes to Ledger’s substantial growth. Since its inception in 2016, Ledger has sold over six million Ledger Nano hardware wallets, cementing its role as a prominent hardware wallet manufacturer.
The Ledger Live app, another popular offering, boasts over 1.5 million active users, enabling investors to buy, sell, swap, stake, and lend digital assets.
“This integration provides greater optionality while giving users peace of mind converting dollars into crypto,” Gaithier reiterated.
