Ledger announced that it has integrated PayPal into Ledger Live for its “buy” function aimed at crypto and stablecoin.
Following the launch of PayPal’s stablecoin, the electronic payments giant now wants to make it easier for all users to enter the crypto world through Ledger.
Ledger and PayPal: a new crypto alliance after the launch of the stablecoin
Ledger announced its “new alliance” with PayPal, just after the electronic payments giant launched its stablecoin.
In essence, the crypto hardware-wallet brand Ledger has opened its doors to PayPal, integrating it as a means of payment into its Ledger Live app.
At the moment, the “buy” crypto function via PayPal will only be available to US users (subject to applicable state laws).
Not only that, US citizens will be able to use their PayPal account linked to Ledger to directly purchase Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
These PayPal purchases will be automatically sent to the Ledger hardware wallet, like the other Ledger Live options.
Ledger: buying crypto with PayPal after launch of the stablecoin
The crypto company pointed out that this new alliance with PayPal will serve to simplify the purchase of cryptocurrencies for all kinds of users.
In this regard, Pascal Gauthier, President and CEO of Ledger said:
“Both PayPal and Ledger are focused on creating secure, seamless, and fast transactions no matter where you are in the world. PayPal has remained at the forefront of the digital payment revolution for more than 20 years, and we are thrilled to come together in this next period of asset innovation with our integration.
We’re combining the uncompromising security of Ledger with PayPal’s leadership in secure payments technology to help facilitate a secure and seamless platform for user crypto transactions.”
This announcement comes just a week after PayPal announced the launch of its PYUSD stablecoin, pegged to the US dollar, in partnership with Paxos.
The suspension in the UK of Bitcoin and crypto purchases
Just today, the news concerning PayPal’s suspension of Bitcoin and crypto purchases was clarified.
And indeed, this is a temporary suspension that will begin in October and may already end in early 2024. Not only that, this suspension only affects users residing in the UK, since a new legal framework on crypto regulations is being drafted in the country.
For this very reason, PayPal has decided not to take any risks involving crypto in the UK.
At the same time, regarding PayPal’s stablecoin, the Bank of America has recently expressed its opinion.
Essentially, analysts Alkesh Shah and Andrew Moss see that the adoption of PYUSD might not be so widespread, since on the one hand it is not expected to accelerate “regulatory clarity” on crypto and on the other hand there is increased competition from CBDCs or Central Bank Digital Currency.
Source: https://en.cryptonomist.ch/2023/08/17/ledger-integrates-paypal-crypto-stablecoin/