Cryptocurrency storage hardware wallet developer Ledger has plans to launch the Crypto Life payment card. The card will be able to be used to pay at more than 50 million online and offline merchants, CoinDesk has reported.
To transfer funds to it, users must use the Ledger Live app, which allows them to connect their wallets to external devices. In addition, cardholders will have access to a line of credit using cryptocurrency as collateral to pay for their purchases. The interest rate starts at 0% and will vary by region.
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During the first quarter of next year, the card will be available to the company's customers in the UK, France and Germany. Initially, it will support payments in Bitcoin, Ether, Litecoin, USDT, EURT, USDC, XRP, BXX and Bitcoin Cash. Conversion from cryptocurrencies to fiat will occur at the time of payment. Baanx will provide the infrastructure for the service.
Ian Rogers, chief experience officer at Ledger, has said the launch of the Crypto Life card is the next step away from traditional banking.