The French company Ledger, known for its physical wallets dedicated to crypto-currencies, has just unveiled a new product: a crypto-card named “Crypto Life”. Available in France in early 2022, what will be its features?
Ledger enters the crypto-card business
Cryptocurrency wallet maker Ledger has just announced the upcoming launch of a debit card: ‘Crypto Life’.
Holders of this crypto-card will be able to directly spend their crypto-assets on everyday purchases, or open a line of credit using crypto-currencies as collateral. This option gives crypto-card holders the ability to use their card without having to sell their crypto-assets.
At the same time, it will also be possible to receive a portion of one’s salary and then convert it into Bitcoin (BTC) or Ether (ETH).
Relying on the Visa network for transaction processing, Ledger’s crypto-card is being launched in collaboration with Baanx, a London-based fintech providing a number of financial services around crypto-currencies.
The “Crypto Life” card will be available in France, Germany and the UK in the first quarter of 2022. For US-based customers, it will have to wait for the second quarter.
The crypto-card will be closely linked to Ledger Live, an application developed by Ledger that allows users to trade crypto-assets, do staking or interact with decentralised finance (DeFi).
At launch, Ledger’s crypto-card will support several crypto-currencies, namely: BTC, ETH, USDT, USDC, EURT, BXX, BCH and LTC.
The first 10,000 people to sign up to this waiting list will receive a free Ledger crypto-card. You can move up the waiting list by inviting others to sign up.
“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.” – @iqbalgandhamLedgerOp3n
– Ledger (@Ledger) December 9, 2021
Cashback is missing
However, it is worth noting that there is no cashback on payments, which is one of the strengths of many crypto-currencies already on the market.
Other companies such as Coinbase, Binance or Crypto.com do indeed reward their crypto-card holders with each purchase, up to 8% of the transaction cost for those reaching the highest tiers.
Will Ledger really succeed in establishing itself as one of the industry leaders if it does not offer such an option?
It is not impossible that the company will consider adding such an option, but it is certainly not on the agenda at the launch of this new product.
