Digital Assets
PayPal to Integrate Ledger Live, and Pause UK Crypto Services
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It has been quite a busy few weeks for payment processing giant, PayPal. Not only has the company appointed a new CEO in Alex Chriss, and launched its own stablecoin in PYUSD, but it has also now announced increased integration of services with popular hardware wallet maker, Ledger. The following is a brief look at what this integration entails, along with news that the company will be hitting ‘pause' on its crypto services in the United Kingdom.
Ledger Live
By integrating Ledger Live with PayPal, the pair of companies can now offer U.S. residents the ability to automatically send cryptocurrencies purchased through PayPal directly to a hardware wallet.
Source: X @Ledger
Regardless of the desired destination for an asset, purchases made with PayPal through the Ledger Live platform will also not be required to provide additional verification.
Ledger CEO Pascal Gauthier states,
“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. 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. This integration provides greater optionality while giving users peace of mind converting dollars into crypto.”
This ability extends to include assets such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
A Temporary Pause
PayPal is not a company that is looking to operate in regulatory grey areas. It is a payment processing giant that is integrated into just about every online merchant you will come across. With this in mind, the company has also just announced a pending pause on certain cryptocurrency services in the United Kingdom.
“We're taking this measure in response to new rules enacted by the UK Financial Conduct Authority (FCA) that require crypto firms to implement additional steps before customers can purchase crypto. While we work to satisfy these new regulations, you won't be able to buy crypto using PayPal.”
The pause is the result of regulations being enforced by the Financial Conduct Authority (FCA) and will come into effect as of October 1st.
It is important to note that PayPal is not withdrawing its crypto services from U.K. markets. Rather, this move is simply a pause that is set to be reversed in a few months.
In the meantime, PayPal has made it clear in the past few weeks that it intends to push forward with its adoption and integration of digital assets. With that being the case, will we soon see payment processor rivals do the same?
PayPal Holdings Inc. (NASDAQ: PYPL)
PayPal is a global financial services company that enables digital and mobile payments on behalf of consumers and merchants. It allows users to make payments and money transfers securely online without sharing financial information, using either a credit card, debit card, or bank account. PayPal operates in more than 200 countries and supports various currencies, making it a popular choice for international transactions. It also owns the mobile payment service Venmo.
Market Cap: $65.34B
Price to Earnings Ratio (P/E): 16.62
Earnings Per Share (EPS): $3.58
At the time of writing, PayPal (PYPL) boasted the above metrics and is listed as a ‘Strong Buy' among most major investment firms.
