Wallet Provider Ledger Launches Crypto Debit Card

Cryptocurrency wallet and infrastructure provider Ledger has launched a new debit card that lets users buy goods and services with their digital assets, potentially opening the door to widespread adoption of crypto payment services.

Last Thursday, Ledger launched the Crypto Life card, also known as “CL,” at the biennial Op3n conference. The debit card connects with the desktop and mobile app Ledger Live, allowing Ledger users to buy, exchange and stake cryptocurrencies. The CL card supports multiple cryptocurrencies including Bitcoin, Ethereum, stablecoins USDC and USDT.

Cardholders have the option to instantly convert their cryptocurrencies to fiat to spend, or use their digital assets as collateral to obtain a line of credit. The latter option enables cardholders to use their debit cards without selling their cryptocurrencies. Users can also deposit their wages and convert their earnings to BTC and ETH as they wish.

The CL card is scheduled to launch in the UK, France and Germany in the first quarter of 2022, and in the US in the second quarter.

Ledger made a strategic pivot to the decentralized finance (DeFi) market before venturing into the debit card market. The company is best known for its Ledger Nano S and Nano X hardware wallets. In June, the company closed a $380 million private funding round, bringing its total valuation to $1.5 billion.

Online electronics retailer Newegg continues to dive deeper into crypto payments, officially accepting SHIB payments.

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Payments are a much touted but underused use case in the crypto economy. However, this situation appears to be slowly changing, as major players such as Mastercard have entered the crypto payments space. Meanwhile, crypto payments provider BitPay recently partnered with browser wallet extension MetaMask to offer a payment gateway to tens of millions of new users.

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