Ledger is the latest crypto company to work on a debit card that connects directly to a crypto wallet. At the Ledger Op3n conference, the company revealed its plans to launch its own debit card called the Crypto Life Card.
While Ledger is known for its hardware wallets, the company is working hard on the software segment called Ledger Live. From the Ledger Live app on desktop and mobile, users are not limited to sending and receiving crypto assets.
They can also buy and sell crypto assets through integrations with third-party companies. Ledger Live also supports caching and swapping through different partners, such as Changelly, Wyre, ParaSwap and 1 inch. Everything remains integrated with the hardware wallet for transaction confirmations.
The Ledger debit card is designed with Baanx and will be available in the UK, France and Germany sometime during the first quarter of 2022. People residing in the US will be able to get a card in the second quarter of 2022.
After receiving your card, you will be able to top up from the Ledger Live app using BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH or LTC. When you use your card to make a transaction, the cryptocurrency is instantly converted to the paper amount at the time of purchase.
Cardholders will also be able to receive their paychecks directly into their card account. They will be able to transfer a percentage of their salary into BTC and ETH every time they get paid.
Finally, ledger users who want to keep most of their fortunes in crypto assets will be able to open a line of credit to get cash on the card. For this feature, you have to deposit a certain amount of cryptocurrency as collateral.
DeFi lending protocols are usually over-secured, which means that users have to borrow less than what they have in their crypto wallet. So it will be interesting to see how the ledger credit feature on shipment works.
Ledger will compete with debit cards from Coinbase, Bitpanda, Binance, Crypto.com, etc., but if you already use Ledger products, having a card that integrates well with the Ledger ecosystem can be especially important when choosing a debit card.