The new crypto debit card works with a variety of popular digital assets, including Bitcoin, Ether, XRP, Litecoin, and USD Coin.
Ledger, a cryptocurrency wallet and infrastructure provider, has introduced a new debit card that allows users to purchase goods and services with their digital assets, potentially paving the way for greater adoption of crypto payment services.
The Crypto Life card, also known as “CL,” was unveiled on Thursday at Ledger’s biannual Op3n conference. The debit card is linked to Ledger Live, a desktop and mobile app that allows Ledger users to purchase, swap, and stake cryptocurrencies. The CL card accepts Bitcoin (BTC), Ether (ETH), and the stablecoins USD Coin (USDC) and Tether (USDT) (USDT).
Cardholders can instantly convert their crypto into fiat for spending, as well as obtain a line of credit using their digital assets as collateral. The latter option allows cardholders to use their debit card without having to sell their cryptocurrency. Users can also deposit their paychecks and choose how much of their earnings to convert into BTC and ETH.
The CL card will be available in the United Kingdom, France, and Germany in the first quarter of 2022, followed by the United States in the second quarter.
Ledger’s entry into the debit card market comes on the heels of a strategic pivot into the decentralized finance, or DeFi, market. The company, best known for its hardware wallets the Ledger Nano S and Nano X, completed a $380 million private financing round in June of this year, bringing its total valuation to $1.5 billion.
Payments are a well-publicized but underutilized application of the crypto economy. However, this appears to be changing as major players such as Mastercard enter the crypto payments landscape. Meanwhile, BitPay, a crypto payments provider, recently announced a partnership with browser and wallet extension MetaMask to provide a payment gateway to tens of millions of new users.