Hardware wallet maker, Ledger, has unveiled its own debit card that connects directly with a crypto wallet.
The company made the announcement at its inaugural conference, Ledger Op3n, in Paris.
Features of the Crypto Life card
A presentation by Ledger VP of payments Iqbal Bandhan revealed their new crypto debit card which is a Visa card. It’s issued by Baanx, an affiliate of Contis Financial Services. The new hardware wallet is known as Crypto Life card.
It will be released in phases depending on the territory.
The United Kingdom, France, and Germany will access it in the first quarter of 2022. While users in the US will expect it soon after, in Q2 2022.
Besides hardware wallets, Ledger runs a software known as Ledger Live. At the conference, the company also announced plans to upgrade it.
Crypto Life card will give users access to a range of cryptocurrencies including BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH, and LTC. All these can be tracked through the Ledger Live app which is available on desktop and mobile.
According to Ledger’s website, Crypto Life cardholders will top up and manage the card through their Ledger Live app without fees.
With the card, shoppers will instantly convert their cryptocurrencies into fiat at the time of purchase.
For this, Ledger claims Crypto Life to be “the first card with secure hardware support that allows you to pay in crypto instantaneously at over 50 million merchants and online stores.”
Crypto Life cardholders will also receive and deposit their paycheck into their card account in crypto. They can then choose a percentage of the paycheck to convert into BTC and ETH.
The new card will allow users to open a line of credit using the amount of cryptocurrency deposited as collateral. Rates will start at 0% depending on where they live.
According to Ledger, some features, including crypto credit line and crypto payment, will be available later in 2022.
Coinbase Wallet to support Ledger
In a tweet, Ledger announced the partnership with Coinbase.
Coinbase’s non-custodial wallet will provide support for Ledger as its first hardware wallet.
Despite the unwavering support from Coinbase, Ledger will have to compete with other debit cards, including; Bitpanda, Crypto.com, and Binance.
With the rise in crypto uptake, more innovative products such as crypto debit cards are bound to pop up to meet the demands of crypto enthusiasts.
