Ledger has partnered with PayPal to create a secure platform for exploring digital currencies.
The partnership follows PayPal’s introduction of the stablecoin PYUSD on Ethereum. 

Ledger has unveiled its partnership with the worldwide payment leader PayPal. This joint effort aims to deliver users a smooth and safeguarded environment for delving into digital currencies.

The partnership permits individuals in the United States to adhere to state regulations and directly buy cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) using their connected PayPal accounts through the Ledger Live companion application. 

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.

Learn more here: https://t.co/XtSTRRg1Xa pic.twitter.com/MAPhD1f3tT

— Ledger (@Ledger) August 16, 2023

 

It’s worth highlighting that those who have previously procured crypto using PayPal can now make purchases via Ledger Live without requiring extra verification. The user’s Ledger hardware wallet will automatically receive the acquired digital tokens.

To use this functionality, individuals can easily launch the Ledger Live application, go to the ‘Purchase’ segment, pick the cryptocurrency they want, indicate their country, and opt for PayPal as their chosen payment mode. The digital tokens will be safely dispatched to the user’s Ledger device after a successful transaction through the PayPal interface.

Nevertheless, individuals who haven’t employed PayPal for cryptocurrency dealings must either establish a PayPal account or go through the obligatory Know Your Customer (KYC) verification process.

Pascal Gauthier, the CEO and Chairman of Ledger, conveyed his excitement regarding the collaboration, saying,

“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.”

Regulating Stablecoins

This partnership arrives shortly after PayPal’s recent declaration of its stablecoin linked to the U.S. dollar, known as PayPal USD (PYUSD), introduced on the Ethereum blockchain. PayPal’s fresh stablecoin, subject to regulatory oversight from the New York State Department of Financial Services and managed by Paxos Trust Company, seeks to connect traditional currency and digital currencies, potentially bringing substantial alterations to the digital payment arena.

Nevertheless, the incorporation has encountered its fair share of critics. U.S. Representative Maxine Waters raised apprehensions regarding the absence of a comprehensive national structure for overseeing stablecoins like PayPal’s PYUSD, which is pegged to the U.S. dollar. She emphasized the necessity for strong supervision to protect users and maintain financial stability. Waters’ concerns are rooted in PayPal’s extensive worldwide clientele, surpassing numerous prominent banks’ customer base.

Although there might be regulatory obstacles to overcome, Ledger, boasting more than 1.5 million active users, is steadfast in its dedication to furnishing secure and user-intuitive avenues for conducting digital currency exchanges. Through the Ledger Live application, users can engage with an expanding array of Decentralized Applications (DApps) while concurrently safeguarding the confidentiality of their private keys on their Ledger device.

Since 2016, Ledger asserts to have distributed more than 6 million Ledger Nano hardware wallets, securing its position as a leading producer. In May, the company encountered controversy when it initiated a concealed recovery phrase storage service, causing bewilderment among users. The team subsequently endeavored to alleviate criticism by explaining how their wallet operates.

 

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Filed under: Bitcoin - @ August 17, 2023 1:10 pm