Ledger, which is best known for its hardware wallets, is introducing a crypto debit card called the Crypto Life card, the company announced Thursday.
Card users will be able to pay cryptocurrency to more than 50 million retailers and online stores, Ledger said in a press release.
The initiative is the latest among crypto companies looking to meet growing demand and move the needle on cryptocurrency as a medium of exchange rather than as a store of value.
Cardholders will be allowed to open a line of credit to get cash to spend on the card, using cryptocurrency as collateral, with rates starting at 0%. Rates will vary by region.
Ledger raised $380 million earlier this year in a Series C funding round, saying at the time that it would expand its services.
The card will be available to customers in the U.K., France and Germany in the first quarter of 2022, and for U.S. customers in the second quarter. Crypto Life will initially support BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH and LTC, the company said. A wait list is now open to obtain a card.
Ledger Chief Experience Officer Ian Rogers told CoinDesk that the company began as an option to “HODL,” but that users “increasingly want to do more and more with crypto.”
Rogers added that Ledger’s card and its capabilities are also a step toward replacing traditional bank accounts.
Fintech company Baanx will provide program management and infrastructure for the card.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.