Ledger, a leading provider of hardware cryptocurrency wallets, is enhancing its cryptocurrency purchasing capabilities by integrating a new fiat-to-crypto on-ramp solution. In partnership with Uphold’s Topper, Ledger Live users can now access an additional way to buy cryptocurrencies within the wallet’s interface.
New On-Ramp Solution: Topper
Topper, a Web3 financial platform by Uphold, has been integrated into Ledger Live, enabling users to buy cryptocurrencies such as Bitcoin directly with fiat currencies like the US dollar. This integration is designed to streamline the crypto buying process, offering users an easy way to purchase digital assets and store them securely in their Ledger hardware wallets.
Ledger’s Vice President of International Development, Jean-François Rochet, explained that the new integration would offer users a global and localized mix of solutions, increasing the number of options available for purchasing crypto through Ledger Live. The app already includes 14 on-ramp providers, and Topper’s addition adds to the growing list of supported services.
On-Ramps vs. Off-Ramps
On-ramps refer to services that allow users to convert fiat currencies (e.g., USD, EUR) into cryptocurrencies (e.g., Bitcoin), while off-ramps enable users to convert their crypto assets back into fiat money.
Ledger’s Ledger Live currently offers 14 on-ramp solutions, allowing users to purchase crypto easily. However, it has only one off-ramp solution in place, meaning users have more ways to buy crypto than to sell it directly through the Ledger platform. Rochet highlighted that the complexity of off-ramp integrations has made it more challenging to expand this feature, as off-ramp services require secure and clear transaction signing directly on the hardware wallet.
“We are actively working on adding more off-ramp partners to provide better fiat-to-crypto and geographical coverage,” Rochet said, noting that expanding the off-ramp options is a priority for Ledger moving forward.
Topper’s Growth and Future Plans
Topper, which launched in 2023, has grown significantly, supporting 228 crypto assets across 36 networks. CEO Robin O’Connell revealed that Topper plans to launch its off-ramp functionality by Q4 2024, which will enable users to convert their crypto assets back into fiat currency directly through the platform.
With support for 150 countries, Topper is focused on adding more local payment methods to cater to regions with high crypto adoption. A recent integration of Pix, a Brazilian payment system, is a testament to this approach. Pix, a bank transfer system introduced by Brazil’s Central Bank, now enables easier local crypto transactions for Brazilian users.
KYC and User Verification
Since Ledger is a self-custodial wallet, it does not require Know-Your-Customer (KYC) identification for transactions conducted directly within the wallet. However, since Topper handles the fiat-to-crypto transactions, KYC is required for users purchasing crypto through the platform.
O’Connell explained that Topper’s KYC process is quick and designed to ensure compliance while keeping the user experience smooth and light. Topper aims to strike a balance between ease of access and user due diligence for regulatory compliance.
“We strive to make crypto adoption easier and faster, and our KYC process ensures the highest transaction approval rate among other on-ramp providers,” O’Connell noted.
While Ledger does not require KYC for transactions on its platform, it does implement identity verification for its Ledger Recover feature, a tool that helps users recover their private keys. The identity verification process for Ledger Recover is less intrusive than typical KYC, only requiring a valid government-issued ID.
Expanding Access and Future Growth
With the integration of Topper and the upcoming off-ramp features, Ledger Live is positioning itself as a more complete solution for users who wish to manage their cryptocurrency assets securely while offering more options to buy and eventually sell crypto assets. This partnership, along with Ledger’s ongoing efforts to expand its off-ramp solutions, demonstrates the company’s commitment to improving the user experience and enhancing accessibility to the crypto space for both new and experienced users.
