Hardware wallet maker Ledger has unveiled a crypto debit card to expand its core business. So read today’s cryptocurrency news.
The Ledger debit card will hit the market in early 2022 and will allow users to convert cryptocurrency for purchases or use cryptocurrency for a line of credit. The hardware wallet maker has announced a debit card that will allow users to directly spend their cryptocurrency and use it as security for cash purchases. The new debit card will be available from 2022 and is part of a broader effort by the company to transfer its core business as a wallet manufacturer to a platform based on the Ledger Are living software application.
“One important thing was missing, and it was the most important. This is important if we want to convey our services and our universe to a wider audience. This is a transaction that we make every day – we spend money. “- @iqbalgandham# LedgerOp3n
– General ledger (@Ledger) December 9, 2021
While most cryptocurrency holders store their coins in online wallets, companies like Ledger and Trezor make physical devices that guarantee higher levels of security as they are offline. Pascal Gaultier, CEO of Ledger, says the company has become a platform for developers to interact with other applications:
“Since the Apple iPhone is the basis for the World-Wide-Web 2, the ledger is the basis for the Web 3.”
Ledger added Defi MetaMask wallet and Coinbase wallet to apps. With debit cards, users can transfer funds to the card through the Ledger Reside platform, which connects to the device via cable or Bluetooth, depending on the device. The cards are branded Crypto Lifestyle or CL and rely on the Visa network for transactions. The registry converts the user’s cryptocurrency to fiat and pays sellers for other purchases unless they decide to create a line of credit based on cryptocurrency collateral.
The company says the line of credit will only be at the interest rate, but the loan will be limited to certain regions, meaning that it will not be available in the US due to strict regulations. Cardholders can transfer their payments to their debit account and then convert them to Bitcoin or Etheruem. Ledger did not provide any information on the commission structure, but Gaultier said the cost would be similar to other services. In introducing the debit card, Ledger will join Coinbase and other cryptocurrency companies as they expand their traditional banking capabilities. Gaultier noted that the debit card will be available in the UK, followed by the US, Germany and France.