Wallet Maker Ledger, well known for its hardware wallets, has announced the debut of the Crypto Life card, a crypto debit card.
In a news release, Ledger stated that cardholders would be able to pay cryptocurrencies to more than 50 million shops and online outlets. Crypto Life cardholders will be able to open a line of credit using cryptocurrency as collateral.
The project is the latest among crypto firms attempting to meet rising demand while also advancing cryptocurrency as a medium of exchange rather than a store of money.
Notably, customers will be able to acquire a line of credit to get cash to spend on the card, using cryptocurrency as collateral, with interest rates starting at 0%. Rates will differ depending on where you live.
Ledger received $380 million in a Series C financing earlier this year, announcing plans to extend its services at the time.
The card will be available to customers in the U.K., France and Germany in the first quarter of 2022, and for U.S. customers in the second quarter. Crypto Life will initially support BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH and LTC, the company said. A waitlist is currently open to obtain a card.
Ledger Chief Experience Officer Ian Rogers stated that the company began as an option to “HODL,” but that users “increasingly want to do more and more with crypto.”
Ian Rogers added that Ledger’s card and its capabilities are also a step toward replacing traditional bank accounts.
Baanx, a fintech company, will oversee the card’s program and infrastructure.
