“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 users previously had options such as MoonPay, Wyre, or Coinify for on-ramp solutions. However, incorporating a significant player like PayPal marks a noteworthy milestone for the French firm. 

Ledger has teased that additional features arising from this collaboration with PayPal are on the horizon, set to be disclosed in the coming months. 

Facing competition from emerging powerhouses like Block – established by ex-Twitter CEO Jack Dorsey – as well as new financial ventures by Apple and Google, PayPal appears to be ramping up its pace in the crypto arena. 

Recently, they even unveiled the PayPal USD (PYUSD) stablecoin, deployed on Ethereum.

Coinbase Obtains Regulatory Approval To Offer Crypto Futures Trading To Eligible Clients

Coinbase Financial Markets has reportedly obtained approval from the National Futures Association (NFA) to offer investments in crypto futures to eligible customers in the United States. 

Notably, the approval comes nearly two years after Coinbase first applied to join the NFA in September 2021. 

Greg Tusar, Coinbase’s vice president of institutional product, called the approval a “critical milestone” and has stated that the exchange is the “first crypto-native leader” to directly offer traditional spot crypto trading alongside regulated and leveraged crypto futures for verified customers. 

In September 2021, the company filed an application with the NFA to register an FCM (futures commission merchant). Tusar said that the global crypto derivatives market represents roughly 75% of crypto trading volume worldwide and is a critical trader access point. 

Coinbase said its customers will soon be able to directly access futures through Coinbase Financial Markets. 

“The ability to trade using margin gives customers leverage and access to the crypto market with less upfront investment than traditional spot trading. Being able to express long and short positions, investors also use derivatives to manage risk on their underlying crypto assets,” Tusar added. 

Last year, Coinbase acquired FairX, a CFTC-regulated futures exchange currently known as the Coinbase Derivatives Exchange. The Coinbase Derivatives Exchange is open to third-party brokers, FCMs and market makers, and it has established a deep liquidity pool with $4.7 billion worth of BTC and $2 billion worth of ETH futures traded in notional volume so far this year, according to Tusar. 

The latest regulatory approval for futures trading comes after the Coinbase Drivatives Exchange in June launched new bitcoin and ether futures contracts aimed at institutional clients. Last year, the derivatives exchange introduced its “nano” bitcoin and ether contracts, as the company said it had seen institutional demand for advanced derivatives products. 

Coinbase is currently facing legal trouble in the U.S., with the Securities and Exchange Commission suing the company in June for allegedly operating as an unregistered exchange, broker and clearing agency. 

Last week, Andreessen Horowitz, also known as a16z, and Paradigm filed a joint amicus brief in support of Coinbase. The firms said in the filing, “The SEC’s regulatory overreach, coupled with the unpredictability and arbitrariness of its actions, threatens the development of blockchain technology in the United States.” 

In late June, Coinbase filed a motion to dismiss the lawsuit, arguing that the SEC’s approach significantly deviates from existing legal frameworks.