register is the latest crypto company working on a debit card that connects directly to a crypto wallet. The company unveiled at its Ledger Op3n conference its intention to launch its own debit card called the Crypto Life card.
While Ledger is best known for its hardware wallets, the company has been working hard on the software part called Ledger Live. From the Ledger Live app on desktop and mobile, users aren’t limited to sending and receiving crypto assets.
They can also buy and sell crypto assets with integrations with third party companies. Ledger Live also supports staking and swaps through various partners, such as Changelly, Wyre, ParaSwap and 1inch. Everything remains integrated into the hardware portfolio for transaction confirmations.
Ledger’s debit card was designed with Baanx and will be available in the UK, France and Germany at some point during the first quarter of 2022. People based in the US will be able to get a card in the second quarter of 2022.
After receiving your card, you can top it up from the Ledger Live app with BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH or LTC. When you use your card for a transaction, cryptocurrencies are instantly converted into fiat amount at the time of purchase.
Cardholders will also be able to receive their paychecks directly to their card account. They will be able to convert a percentage of their salary into BTC and ETH whenever they are paid.
Finally, Ledger users who want to keep most of their wealth in crypto assets will be able to open a line of credit to get money on the card. For this feature, you need to deposit a certain amount of cryptocurrency as collateral.
DeFi lending protocols are typically oversized, which means 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 works when it is shipped.
Ledger will compete with debit cards from Coinbase, Bitpanda, Binance, Crypto.com, etc. But if you’re already using Ledger products, having a card that fits well with the Ledger ecosystem can be especially important when choosing a debit card.