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Crypto hardware wallet, Ledger has announced a new PayPal integration that allows its users to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
According to a joint announcement by the companies on Aug 16, Ledger Live software become fully integrated with verified PayPal users in the United States with no extra verification.
The Ledger team has stressed the need to simplify crypto acquisition for both expert-level users and beginners perfecting the popular saying, “digital assets must be available for all.”
Pascal Gauthier, Lesger’s CEO, explained the rationale for the partnership with PayPal was borne out of simplicity, creating a seamless adoption process without falling short on security.
“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.”
Ledger’s previous partnership connotes its pledge to simplify entry into digital assets. The company has allowed users to buy crypto directly through Ramp, Simplex, Transac, MoonPay, Loopipay, and Mercuryo.
“Whether a crypto expert or a newcomer to the world of digital currencies, the PayPal and Ledger Live integration will provide a secure and user-friendly platform for buying crypto,” Gauthier added.
PayPal creates a new path in web3
This announcement marks another new development for PayPal in the digital asset ecosystem sparking positive reactions on their quest for crypto-compatibility.
Per the release, virtual asset purchases would be transmitted to Ledger Hardware wallets and Ledger Live options.
PayPal rolled out its stablecoin, PYUSD last week becoming the first major traditional fintech firm to make such a move whilst also announcing other plans for the sector.
At the moment, PayPal’s PYUSD is not listed in the partnership with Ledger but users have already expressed optimism hoping the service grows to accept more assets.
Paypal has also reiterated its commitment to breaking into the stablecoin market share through multiple use cases, and ease of service while exposing its vast customer base to virtual assets alongside “responsible innovation and compliance.”
While all looks shiny on the surface, experts including the Bank of America have downplayed a potential imminent mass adoption of PYUSD citing tough competition from USD Tether (USDT) and USD Coin (USD Coin) who currently dominate the stablecoin market cap.
The report also added that investors may not adopt the asset in the coming months due to the general conception that most stablecoins are safe and a lack of new utility from PYUSD.