By
Temitope Olatunji
April 26th, 2024
In an announcement on August 16, the company said it had integrated its Ledger Live app with PayPal.
Crypto security firm Ledger, known for its hardware wallets, has joined forces with PayPal, an online payment platform based in the United States, to provide on-ramp payment solutions to users. Through this integration, customers can purchase cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin cash (BCH) directly through the Ledger Live app using their verified PayPal accounts.
Ledger Live, known for its user-friendly interface, presents a smooth experience for both novices and seasoned crypto enthusiasts. The platform, which has about 1.5 million active users, allows customers to buy crypto using fiat currencies.
According to the announcement, users who have previously transacted cryptocurrencies through PayPal will not have to undergo additional verification while using the app. However, new users must create a PayPal account and undergo compulsory know-your-customer (KYC) verification before using the services.
PayPal Joins Ledger List of Partners for On-ramp Solutions
Through this collaboration with Ledger, PayPal has joined the list of payment partners for on-ramp solutions. Before the partnership, Ledger users had alternatives such as MoonPay, Wyre, and Coinify to choose from for on-ramp solutions.
However, the new integration with PayPal has a twist as it eliminates the need for intermediary steps. Once a purchase is made using PayPal, the acquired digital currencies are promptly transferred to the user’s Ledger wallet, reducing customer wait times.
“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. Ledger is committed to simplifying the world of crypto, and PayPal is committed to making the movement of money as simple, reliable, and affordable as possible,” said Pascal Gauthier, Chairman and CEO of Ledger.
PayPal Integration Only Available to US Customers
Ledger said in the announcement that the PayPal integration is currently limited to US users only. However, the usage is subject to applicable state laws. Over time, the company plans to make the service available in other jurisdictions.
Additionally, both Ledger and PayPal plan to roll out more features to the on-ramp solution in the coming months. The collaboration between PayPal and Ledger comes as the payment firm faces competition from new ventures introduced by tech giants like Google and Apple. Due to the increased competition in the payment market, the company has expanded its involvement with crypto to establish a stronger presence.
The firm recently launched its native stablecoin pegged 1:1 to the value of the US dollar. The stablecoin dubbed PYUSD is based on the Ethereum network.
Shortly after the launch of the stablecoin the company also introduced its Cryptocurrency Hub, where users can interact with different digital assets directly on the platform.