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The two companies have integrated their services, which means Ledger users can directly buy crypto assets using their linked PayPal account.
PayPal has teamed up with crypto wallet Ledger to give US users a new platform for buying various crypto products.
The partnership means both companies have integrated their services, to provide a “secure and user-friendly” way to purchase crypto. Ledger users in the US will be able to directly buy crypto assets like bitcoin and Ethereum using their linked PayPal account.
The integration also means users who have purchased crypto with a PayPal account can buy crypto in Ledger Live with no extra verification.
Ledger makes hardware crypto wallets that allow for the secure storage of crypto assets. The French company was founded in 2014 and has grown into a major crypto player.
In April, the company raised €100m to invest in future innovations in crypto hardware. By this point, Ledger claimed to have sold more than 6m devices and hold roughly 25pc of the world’s crypto, along with 30pc of NFTs.
Ledger CEO Pascal Gauthier said both companies are focused on creating “secure, seamless and fast transactions no matter where you are in the world”.
“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,” Gauthier said. “Ledger is committed to simplifying the world of crypto, and PayPal is committed to making the movement of money as simple, secure and affordable as possible.”
PayPal and crypto
PayPal has been making moves into the cryptocurrency sector for some time now. The company brought its crypto trading services to the UK in 2021 and allowed crypto transfers to other wallets last year.
The fintech giant shook up the US crypto sector earlier this month when it launched its own ‘stablecoin’ that is redeemable 1:1 for US dollars. This could prove to be a boon for the sector, which has faced various regulatory issues in the US.
But the sector appears to face constant fluctuations. PayPal recently announced that it will stop UK customers from buying crypto assets on its platform until 2024, Reuters reports.
It is understood that this is in response to the UK’s plans to bring in “tough” new rules to reign in the advertising of crypto assets, due to concerns the market is unregulated and risky for investors. These rules are set to come into effect from 8 October.
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