Investors can now use PayPal to purchase cryptocurrencies on the Ledger Live app.
Ledger Live is the app that accompanies one of the largest hardware wallets. The app allows users to buy cryptocurrencies with fiat currencies using various different services.
With the new PayPal integration, users can now link their PayPal accounts. This bypasses any additional verification steps and adds the payment provider giant to the app.
Pascal Gaithier, Ledger’s CEO, commented on the partnership, stating: “We’re combining the uncompromising security of Ledger with PayPal’s leadership in protected payments technology to help facilitate a seamless platform for user crypto transactions.”
Currently, Ledger Live supports four different cryptocurrencies in the US. These include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Details on new Ledger partnership
Ledger’s US users can now directly buy BTC, ETH, BCH, and LTC using their connected PayPal accounts.
However, for those without a PayPal account, they’ll need to set up an account or complete a KYC verification process.
When users make crypto purchases via PayPal, the acquired 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 venture into the crypto world
This announcement is another significant move by PayPal into the cryptocurrency domain.
The partnership follows the unveiling of PayPal’s new token. PayPal USD, which goes under the ticker PYUSD, is a stablecoin anchored to the US dollar. Each PYUSD token is backed by an equivalent of $1 in deposits. This grants it stability and ensures it can be exchanged for a dollar.
Dan Schulman, PayPal’s president and CEO, said: “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.”
Paxos Trust Company, the entity behind the USDP stablecoin and Pax Gold cryptocurrency, is the issuer behind PYUSD.
PYUSD launched on the Ethereum blockchain and is an ERC-20 token.
PayPal’s new crypto hub
PayPal has recently revealed a rival product to Ledger Live. Its new cryptocurrency hub is a dashboard that will give investors the opportunity to buy and sell digital assets.
However, access to this service is selective. Eligibility is determined by PayPal based on individual criteria.
Users must have a personal PayPal account and a Balance Account in good standing. The company will verify provided identification details, including name, address, date of birth, and taxpayer identification number.
Ledger dominates the market
While PayPal has significant status behind it, Ledger is well established in the crypto market. It has previously let users purchase crypto through collaborations with MoonPay, Transak, Ramp, Simplex, Loopipay, and Mercuryo. PayPal is the latest addition to this list.
Gaithier said: “Both PayPal and Ledger are focused on creating secure, seamless, and fast transactions no matter where you are in the world.”
The partnership with the payment provider giant accompanies large growth for Ledger. Since its inception in 2016, Ledger boasts sales of over six million Ledger Nano hardware wallets, solidifying its position as a leading hardware wallet manufacturer.
Its Ledger Live app is another popular product. It has over 1.5 million active users, giving investors a chance 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 added.
