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Ledger unveils crypto debit card, partners with FTX, Coinbase, Rarible

Ledger unveils crypto debit card, partners with FTX, Coinbase, Rarible
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Hardware wallet maker Ledger made a slew of announcements at the inaugural – and now biannual – Ledger Op3n conference in Paris today.

Chief among them was the unveiling of the new cryptocurrency debit card, which was released on the grounds that, as Vice President of Payments Iqbal Gandam said, “we need to focus on spending.” According to the presentation, it is a Visa card issued by Baanx, a subsidiary of Contis Financial Services.

Called the Crypto Life Card, it supports a range of cryptocurrencies and can be tracked through Ledger Live, the software companion to the Ledger suite of hardware wallets. Ledger started a queue before it was launched.

Gandham said that the card will be converted into cryptocurrency at the point of sale, or card owners can request a 30-day interest-free line of credit, depending on the cryptocurrency they own. He added that early next year, the card holder will be able to send his salary to his account and automatically convert it to crypto.

Send NFTs securely

Ledger wants to make NFT transmissions between wallets more secure.

Charles Hamill, Vice President of Product at Ledger, said on stage that when users make an NFT transaction, they will either blindly sign it (meaning they don’t see the data they agree to share) or they’ll see a large “blob of data”, which It makes no sense to most people.This is unlike a normal crypto transaction where users can usually see where they are sending money when the transaction is approved.

An alternative to Ledger is to break up the transaction and present what is happening in its mobile app at the point of signing. Hamel showed a demo where the app provided transaction details, including the destination address and the code being sent.

Furthermore, Ledger has integrated Rarible into Ledger Live, so that ledger owners can access the NFT marketplace to buy and sell NFTs while using a hardware wallet to carry out transactions.

Coinbase Wallet to Add Ledger Support

Coinbase’s non-wallet wallet, called Coinbase Wallet which is distinct from the exchange’s main wallet offering, will support Ledger as its first hardware wallet.

This will enable users to interact with blockchain applications via their web browser while still using their hardware wallet.

Via a pre-recorded video, Max Branzburg, Vice President of Product at Coinbase, said the exchange is building support for hardware wallets directly into its non-wallet wallet. He said this would start with the browser version of his wallet, rather than his mobile app.

Integrating FTX into Ledger Live

Ledger Live has also expanded its insider trading options by bringing FTX into the line.

The first version of this is a simple unguarded swap function. This is where the owners of the ledger can agree to exchange their cryptocurrencies and the funds are taken directly from their wallet and the new funds are sent to the same wallet.

The second version will provide full exchange functionality, including derivatives, although this will be a custodial service. So the ledger owners will need to send their cryptocurrency to the exchange in order to make trades.

There is a slight problem. Trades will be more expensive with this service, because Ledger charges a small fee for trades made this way.

This is not the only way to exchange cryptocurrency on the platform. In June, the app integrated the first decentralized finance (DeFi) platform ParaSwap, enabling users to exchange tokens across multiple decentralized exchanges including Uniswap, Curve, Balancer, and Sushiswap, among others.

Nano S Plus output

The fifth Ledger announcement was an upgrade to the popular Ledger Nano S, the S Plus. One of the main differences is that it is developer friendly, designed so that developers can test it on the physical device itself rather than an emulator. Another difference is that it has a larger memory capacity.

“Memory is important because when we bring all these new use cases to Ledger Live, you need more space,” said Ian Rogers, Ledger’s chief experience officer.

He added that the company is working on another hardware project, which means it could be rolled out in 2022 or 2023.

This article has been updated to clarify how FTX integration works. It also corrects the timing of the Coinbase integration.

© 2021 The Block Crypto, Inc. all rights are save. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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