The card will use the Visa network, a company that has already opened up to the bitcoin economy.
Germany, the UK, France and the US will be the first countries where the card will be used.
This article contains referral links. Know more.
Ledger, the creator of hardware wallets, announced this Thursday the launch of a debit card for bitcoin and cryptocurrencies, called Crypto Life.
According to the official publication, the instrument, which will be used by the Visa network, is the result of a partnership between Ledger and financial services company Baanx Group. With the card, users will be able to pay at more than 50 million retailers and online stores.
As they noted, the launch of the card is intended to “meet growing demand” and “move the needle on cryptocurrencies” as a medium of exchange, rather than a store of value. In this way, the French company that recently raised $ 380 million begins to expand its suite of services beyond physical wallets.
Cards can be managed and loaded from the Ledger Live application, available in both desktop and mobile versions. Furthermore, lThe cards will be able to open a line of credit to obtain cash, which can be spent using the financial instrument and having cryptocurrencies as collateral. The interesting thing is that the rates and other rates start from 0%, although they may vary, depending on the location.
In the same way, the card will facilitate the conversion of cryptocurrencies to national currencies when making a payment. Also, you can receive your salary directly on the card and configure a percentage to automatically redeem it to bitcoins, ethers, stablecoins, among other currencies.
For now the card can be used by customers in the United Kingdom, France and Germany, as of the first quarter of next year. For customers in the United States, it will be from the second quarter.
About the cryptocurrencies that Crypto Life will work with are bitcoin, ether (ETH), tether (USDT), eurocash (EURT), USD Coin (USDC), Ripple (XRP), Baanx (BXX), Bitcoin Cash (BCH) and Litecoin (LTC).
According to Ledger CEO Ian Rogers, the Crypto Life card is a step “towards the replacement of traditional bank accounts”. He added, in statements to Coindesk, that the new instrument responds to the fact that users “increasingly want to do more and more with cryptocurrencies.”
Recently, CryptoNews reported that Ledger added the option to send and receive transactions at Taproot addresses, the most recent update to the Bitcoin protocol, providing new capabilities to its users.