Crypto hardware wallet manufacturer, Ledger, is introducing a crypto debit card called the Crypto Life (CL) card, the company announced, IgbereTV reports.
According to Ledger, card users will be able to pay with crypto to more than 50 million retailers and online stores.
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 able 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.
Earlier this year the company raised $380 million in a Series C funding round, saying then that the money would be used to expand its services.
The card will be available to customers in the U.K., France and Germany in Q1 of 2022, and for U.S. customers in the Q2.
According to Ledger, Crypto Life will initially support BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH and LTC. A wait list is now open to obtain a card.
Ledger Chief Experience Officer Ian Rogers said 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.
