Hardware crypto wallet provider Ledger is launching a new on-ramp solution with PayPal.
Owners of a Ledger Wallet can now use their PayPal accounts to acquire cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Those acquisitions will be instantly transferred to their Ledger wallets, eliminating intermediary steps.
For users who've transacted cryptocurrency using PayPal before, purchases in Ledger Live require no additional verification. It's designed with both the crypto novice and the expert in mind.
Our mission has always been to build ease-of-use and security for critical digital assets.
That's why we're integrating @PayPal into Ledger Live.
You can now buy crypto with PayPal and get it into your custody.
“Rather than using non-secure browser wallets or holding their funds on exchanges, users can combine the ease of use they want with the security they need,” a Ledger spokesperson told Decrypt.
Ledger users previously had options such as MoonPay, Wyre, or Coinify for on-ramp solutions. However, incorporating a significant player like PayPal marks a noteworthy milestone for the French firm.
In a statement, Pascal Gauthier, Chairman & CEO of Ledger, highlighted Ledger’s dedication to demystifying the crypto landscape.
“Both PayPal and Ledger prioritize delivering secure, efficient, and rapid transactions globally," said Ledger CEO Pascal Gauthier. “With over two decades leading the digital payment evolution, PayPal's expertise complements our mission in this new era of asset advancement through our integration."
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“Whether you’re new to crypto and want a trusted provider to enter the space, or you’re already in the space and want an easy way to buy crypto and immediately secure it in your Ledger, this will be a great feature for you,” the Ledger spokesperson said.
Ledger has teased that additional features arising from this collaboration with PayPal are on the horizon, set to be disclosed in the coming months.
Facing competition from emerging powerhouses like Block–established by ex-Twitter CEO Jack Dorsey–as well as new financial ventures by Apple and Google, PayPal appears to be ramping up its pace in the crypto arena.
Recently, they even unveiled the PayPal USD (PYUSD) stablecoin, deployed on Ethereum.
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