Crypto wallet-hardware company Ledger announced that it would launch a debit card that will allow users to spend cryptocurrencies directly. The users will also have the option of using it as collateral to make cash purchases.
In an announcement, Ledger said their debit card, Crypto life, will be available by early 2022. The debit card will initially support cryptocurrencies such as BTC, LTC, ETH, USDC, USDT, XRP, EURT, BXX, and BCH.
Ledger has partnered with Visa network who will handle all their debit card transactions. This tie-up with the world’s leading banking card provider will allow cryptocurrency owners to convert their currency into fiat when required. Based on a user’s crypto collateral, they can also avail of the cash line option offered by Ledger. The crypto hardware maker is expected to offer line-of-credit with interest rates that are as low as 0%. However, owing to the strong stance against crypto loans by governments, the line-of-credit option will not be available in some countries.
The Crypto Life debit card also allows users to have their paychecks delivered straight into their debit account. This makes it easier for crypto owners to convert money into Bitcoin or whichever cryptocurrency they want.
During an interview, Ledger CEO Pascal Gauthier told Decrypt that the company aimed at becoming a developer platform that will interact with a wide variety of applications. He added that Ledger will join hands with Coinbase and other crypto companies to gain optimum exposure for their soon-to-be-launched cryptocurrency debit card. Gauthier said that Crypto Life would most likely be available in the U.K., then the U.S., followed by France and Germany.