Ledger has teamed up with global payment giant PayPal to offer users a secure and seamless way to dive into digital currencies. This partnership allows U.S. users, following state regulations, to purchase popular cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin using their PayPal-linked accounts through the Ledger Live app.
An interesting highlight is that those who have previously bought crypto with PayPal can now make purchases within Ledger Live without requiring extra verification. The purchased cryptocurrencies will be smoothly and automatically transferred to the user’s Ledger hardware wallet.
To utilize this cool feature, users simply need to open the Ledger Live app, go to the ‘Buy’ section, select their preferred cryptocurrency, select their country, and choose PayPal as the payment method. Following a successful transaction on the PayPal interface, the digital assets will be securely transferred to the user’s Ledger device.
As users already know Ledger is a hardware crypto wallet that is used by users to make their assets secure, and this partnership with PayPal might give PayPal a huge advantage, as it offers direct transfers of digital assets into the wallet. However, for individuals new to crypto transactions on PayPal, setting up a PayPal account and undergoing Know Your Customer (KYC) verification will be obligatory.
Pascal Gauthier, CEO of Ledger, expressed excitement about partnering with PayPal, combining Ledger’s advanced security technology with PayPal’s digital payment expertise. Their goal is to create a super secure platform for smooth cryptocurrency transactions, setting a new standard for safety and efficiency.
This collaboration comes as PayPal recently introduced the stablecoin PYUSD, which is backed by U.S. dollars and operates on the Ethereum blockchain technology. It is regulated by the New York State Department of Finance and supervised by the Paxos Trust Company. The goal of this stablecoin is to create a bridge between fiat and digital currencies, potentially bringing significant changes to the digital payment landscape.
In a recent report by Todayq News on August 10, 2023, U.S. Congressman Maxine Waters raised concerns about the federal regulatory framework for the PayPal USD stablecoin. With its substantial global user base of 435 million, the stablecoin’s impact is substantial compared to many banks.
In addition to these regulatory challenges, the collaboration with Ledger already serves over 1.5 million active users and is committed to providing secure and user-friendly platforms for digital currency transactions. The Ledger Live app allows users to access a growing range of Decentralized Applications (DApps) while safeguarding their private keys on their Ledger device.