TL; DR Breakdown
- Ledger will debut its crypto debit card in 2022
- The company wants a broad use of its Ledger Live platform
- The card will be based on the Visa network
One very sure thing aside from making massive profits in the crypto market is innovation in the sector. Over the years, various products and services have made their debut in the market. In a bid to further help its clients make payments, Ledger has announced the launch of its crypto debit card. According to the company that produces a hardware wallet of the same name, users will use the debit card to pay for services or as collateral for cash payments.
Ledger wants broad adoption of its Ledger Live platform
According to its statement, the company wants to use the crypto debit card to cement its place in the crypto market. This move is in line to help the company float its platform, accessible via its Ledger Live application. Also, the company has noted that users who show interest in the debit card can start picking it up starting from next year.
The compny provides its users with an offline wallet to store their digital assets. Across the market, offline wallets are seen as rather safer options for storing tokens instead of online platforms that could be hacked at any time. In a recent interview, The firm’s boss Pascal Gauthier mentioned that he wants the platform to communicate with various applications in and out of the crypto market.
The crypto card would be based on the Visa network
In the statement, Ledger announced that the crypto card would be released in conjunction with Baanx Group. Some of the applications accessible on the Ledger Live platforms are popular Ethereum wallet MetaMask and Coinbase owned Coinbase Wallet. Users will need to send digital assets from their portfolio on the Ledger Live application to use the crypto card. The card is issued by Visa and uses CL branding. The platform will convert to fiat equivalent of the amount a trader wants to facilitate payment and pay merchants.
Traders who opt to create a line of credit can use their digital assets as collateral. Also, the line of credit will not be accessible in certain locations, including the United States, because of regulatory concerns. Holders can also choose to receive their salaries using the card, which Ledger can convert to any digital asset of their choice. Although there were no fees attached to the announcement, Gaulthier mentioned that fees would be dependent on services. Ledger joins the list of crypto companies that have floated a crypto debit card in the last few years.