Ledger has announced its integration with global payment giant PayPal. This collaboration aims to provide users with a seamless and secure platform to explore the world of digital currencies.
The integration allows U.S. users, in compliance with state laws, to directly purchase cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) using their linked PayPal accounts via the Ledger Live companion app. Notably, those who have previously bought crypto with PayPal can now purchase in Ledger Live without additional verification. The acquired digital assets will be automatically transferred to the user’s Ledger hardware wallet.
To utilize this feature, users can simply open the Ledger Live app, navigate to the ‘Buy’ section, select their desired cryptocurrency, specify their country, and choose PayPal as their payment method. The digital assets will be securely sent to the user’s Ledger device after a successful transaction on the PayPal interface.
However, for those who haven’t used PayPal for crypto transactions, creating a PayPal account or undergoing Know Your Customer (KYC) verification will be mandatory.
Pascal Gauthier, Chairman & CEO of Ledger, expressed his enthusiasm about the partnership, stating, “Both PayPal and Ledger are committed to ensuring secure, fast, and seamless transactions. By integrating Ledger’s unmatched security with PayPal’s two-decade expertise in digital payments, we aim to provide a robust platform for cryptocurrency transactions.”
This collaboration comes on the heels of PayPal’s recent announcement of its U.S. dollar-backed stablecoin, PayPal USD (PYUSD), launched on the Ethereum blockchain. PayPal’s new stablecoin, regulated by the New York State Department of Financial Services and overseen by Paxos Trust Company, aims to bridge the gap between fiat and digital currencies, potentially changing the digital payment landscape significantly.
However, the integration has not been without its critics. U.S. Congresswoman Maxine Waters recently expressed concerns about the lack of a comprehensive federal framework to regulate stablecoins such as PayPal’s USD-pegged PYUSD, underlining the need for robust oversight to safeguard users and ensure financial stability. Waters’ concerns stem from PayPal’s vast global customer base, which surpasses that of many major banks.
Despite potential regulatory hurdles, Ledger, which has over 1.5 million active users, remains committed to providing secure and user-friendly platforms to facilitate digital currency transactions. With the Ledger Live app, users can access a growing list of Decentralized Applications (DApps) while ensuring the safety of their private keys on their Ledger device.