PayPal And Ledger Forge Path For Mainstream Crypto Adoption With Innovative Partnership
- PayPal teams up with Ledger to offer easy cryptocurrency trading and secure storage for U.S. users.
- The company introduced PYUSD, a stablecoin backed by USD deposits, enabling seamless transactions for U.S. customers.
- It prepares for new UK rules by promising enhanced steps for cryptocurrency purchases and reinforcing compliance efforts.
PayPal has joined forces with Ledger, a digital asset hardware wallet manufacturer, to introduce a fiat currency gateway for its US users, according to CoinPedia.
This strategic alliance empowers PayPal’s clientele to seamlessly trade cryptocurrencies from within their PayPal accounts while also ensuring the safekeeping of their digital assets through Ledger’s hardware wallet solutions.
This progressive move marks a pivotal stride towards the wider acceptance of cryptocurrencies, offering users a more convenient and fortified transactional experience.
As the adoption of blockchain technology continues to rise, similar collaborations are anticipated to shape the evolving landscape of digital currencies.
Issued by the Paxos Trust Company, the PYUSD is fortified by U.S. dollar deposits, short-term U.S. Treasuries, and analogous cash equivalents. The rollout of this stablecoin is currently underway for U.S. customers.
Eligible U.S. patrons of PayPal who engage with PYUSD can effortlessly transfer the stablecoin between the platform and external wallets, initiate person-to-person payments employing PYUSD, allocate PYUSD for purchases during checkout, and convert any of the company’s supported cryptocurrencies to or from PYUSD.
Furthermore, PayPal has also revealed that it will be taking additional measures in compliance with new rules issued by the UK’s Financial Conduct Authority (FCA), which are slated to take effect on October 1, 2023.
While the specific details of these rules remain undisclosed, the company affirms that it will be required to implement additional protocols prior to enabling customers to engage in cryptocurrency purchases.
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