Ledger is the latest company to develop a cryptocurrency debit card that can be connected directly to a crypto wallet. At its Ledger Op3n conference, the company revealed plans to launch its own debit card, called Crypto Life.
Although Ledger is best known for its hardware wallets and software, the company has been hard at work on Ledger Live. Users can send and receive crypto assets from the Ledger Live app for mobile and desktop.
You can also sell and buy crypto assets through integrations with third party companies. Ledger Live supports swaps and staking through various partners such as Wyre, ParaSwap, Changelly and 1inch. All transactions are confirmed using the hardware wallet.
Baanx has helped Ledger design its debit card. It will be available in France, Germany and the UK during the first quarter of 2022. Card holders based in the US can apply for a card during Q2 of 2022.
Once you receive your card, it will be possible to top up the Ledger Live app with BTC or ETH, USDT and EURT. When you use your card to make a purchase, cryptocurrency is instantly converted into the fiat amount.
Cardholders will be able to get their paycheques directly into their card accounts. Every time they receive a paycheques, they can convert a portion of it into BTC or ETH.
Users of Ledger who wish to keep the majority of their wealth in cryptocurrency assets can open a credit line to receive cash on the card. You will need to deposit a specific cryptocurrency amount as collateral.
The DeFi lending protocols are often overcollateralized. This means that users can borrow less than they have in their cryptocurrency wallet. It will be fascinating to see how the Ledger Credit feature functions when it launches.
Ledger will compete against debit cards from Coinbase and Bitpanda as well as Crypto.com and Binance. If you already use Ledger products, a card that integrates with the Ledger ecosystem may be a significant advantage when selecting a debit card.