Hardware Wallet Maker Ledger Launched Crypto Debit Card

The hardware wallet maker Ledger launched a crypto debit card as a part of its push to branch out from its core business so let’s read more in today’s cryptocurrency news.

Ledger’s debit card will be available in early 2022 and it will let users convert crypto to make purchases or use crypto for a cash line of credit. The hardware wallet maker announced the launch of a debit card that will let users spend their crypto directly and will use it as collateral for cash purchases. The new debit card will be available from 2022 and it is a part of the broader effort by the company to branch out from its core business as a wallet maker but become a platform that revolves around the software application Ledger Live.

"There is one major transaction which has been left behind, and that is the most important of all. Important if we are to expand our offerings and universe to a wider audience. It is one we do everyday – spending money." – @iqbalgandham#LedgerOp3n

— Ledger (@Ledger) December 9, 2021

While most crypto owners store their currency in an online wallet, companies such as Ledger and Trezor make physical devices that guarantee a higher degree of security because they are disconnected from the internet. The CEO of Ledger Pascal Gauthier said that the company evolved into a developer platform capable of interacting with other applications:

 “In the same way, as the iPhone is a platform for Web 2, Ledger is for web 3.”

Among the applications, Ledger added the Defi wallets MetaMask and Coinbase Wallet. As for the debit card, the users will be able to transfer funds to it via the Ledger Live platform which will connect to the device via cable or Bluetooth depending on the device. The card is branded Crypto Life or CL and relies on the Visa network to carry out the transactions. The ledger will convert the users’ crypto into fiat and will pay the merchants for other purchases unless they choose to create a cash line of credit based on the crypto collateral.

The company said line of credit rates will be as low as 0% but the credit offering will be limited to a few regions alone which means it will not be available in the United States due to the harsh regulations. Cardholders will be able to arrange for their paychecks to be delivered o their debit account and then convert them into Bitcoin or Etheruem. Ledger didn’t provide details about the fee structure but Gauthier said that the costs will be similar to other offerings. In launching the debit card, Ledger will join Coinbase and other crypto companies which have been expanding into traditional banking services. Gauthier noted that the debit card will become available in the UK followed by the US, Germany, France.