PayPal Teams Up With Ledger On Fiat Onramp For US Users

After launching an Ethereum-based stablecoin last week, PayPal, the $70B global payments firm, has launched a new fiat on-ramp for U.S. users in partnership with Ledger, a leading hardware wallet maker.

Ledger Live users can now purchase BTC, ETH, LTC, and BCH via a PayPal account, subject to state laws. PayPal noted that users who have previously purchased crypto via a PayPal account can access the service without undergoing additional identity verification.

“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,” said Ledger CEO Pascal Gauthier. “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.”

This is the second big crypto move from PayPal in as many weeks, signaling the fintech giant may be trying to position itself to ride the next crypto bull run.

PayPal began rolling out its PYUSD stablecoin in partnership with Paxos last week, emerging as the first major U.S. firm from outside web3 to launch a fiat-pegged token. Paxos is a serial stablecoin issuer, also issuing Pax USD, Pax Gold, and previously the BUSD stablecoin.

Crypto purchases through PayPal will be automatically sent to users’ Ledger hardware wallets, similar to other Ledger Live options.