Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card
Cardholders will be able to open a line of credit using crypto's collateral and receive their paychecks into their card account directly and convert it into Bitcoin and Ether.
Popular cryptocurrency hardware wallet Ledger is working on a debit card linked directly with a crypto wallet.
At its Ledger Op3n conference, the company unveiled its plans to launch its own debit card called Crypto Life card. Card users will be able to pay with crypto at more than 50 million retailers and online stores, the company said on Thursday in a press release.
Known for its hardware wallets and leaking the personal data of hundreds of its users, Ledger has been working on its software called Ledger Live, allowing users to buy and sell cryptos, send and receive the coins, and swap as well as stake the digital assets on its platform.
Earlier this year, the company raised $380 million in a Series C funding round, and Ledger said at the time that they would use the fresh capital to expand their services.
The company is all set to launch its debit card designed by fintech company Baanx which will provide program management and infrastructure. The waitlist is currently open to obtain the card.
These cards will be available in the UK, France, and Germany at some point in Q1 of next year, while those in the US will get it in Q2 of 2022.
Users will be able to top their debit card from the Ledger Live app with several cryptos, viz. BTC, ETH, USDT, EURT, USDC, XRP, BXX, LTC, or BCH. When the card is used for a transaction, the crypto asset will be instantly converted to fiat.
Cardholders will also be able to receive their paychecks into their card account directly and be able to convert a percentage of it into Bitcoin and Ether.
Another feature that Ledger is introducing is offering its cardholders the ability to open a line of credit to get cash to spend on their card, using cryptocurrency as collateral, with rates starting at 0%. Rates, however, will vary by region.
Secure Way To Participate In Web 3
Ledger also announced that crypto exchange Coinbase, which also has its own debit card, is planning to integrate the Ledger hardware wallet to offer its users more options to self-custody their custody.
This partnership will start with the Coinbase Wallet browser extension that will connect to Ledger wallets and then later to the Coinbase mobile app as well. The integration will be rolled out in phases in the first quarter of 2022.
“We’re making Coinbase Wallet the safest and most secure way to participate in Web 3,” Max Branzburg, the exchange’s vice president of product, said in the statement.
The very same day, yet another partnership was announced by Ledger, this time with another crypto exchange FTX. As a result, users will get quick access to FTX’s 300 trading pairs and other trading services through Ledger’s self-custody application, Ledger Live.
“This is an important innovation in crypto trading,” said FTX Founder and CEO Sam Bankman-Fried.
“Investors are looking for increased security and self-custody solutions without sacrificing liquidity, leverage, and trading options.”
In the official announcement, Ledger CEO Pascal Gauthier noted that ever since its launch in 2014, their more than 4 million wallets have been securing over 15% of all crypto assets.
Through the latest partnership, traders and investors will be able to “do everything right from the security of their Ledger Nano,” said Gauthier.