Crypto is opening a whole new world of opportunities and bringing unprecedented changes across the globe.
With decentralization, security, and scalability as the core aspects, crypto aspires to get financial freedom for everyone. Even with all the technology and developments, crypto transactions are still harder to make.
Crypto payments are relatively new, and commercial adoption is still inconsistent.
The major problem with crypto payments is that retailers don’t yet have the proper infrastructure for taking and processing payments. Until now, the only way to use crypto was to convert it back into fiat.
Companies like Ledger have developed an innovative solution for crypto life cards by collaborating with Baanx.
The recent launch said that they were launching a crypto card that would make crypto transactions reasonable and much more accessible.
But what are these crypto cards?
We shall analyze all the things in detail, so hop right in.
Scalability Problems in Blockchain
Even if all the retailers across the globe were to shift to crypto payments, the main problem for it to become globalized would be the Blockchain’s scalability issue.
Rival payment systems like Visa have already been globalized and have roots deep in the world’s markets.
We can make payments anywhere globally with one tap of a debit card in the traditional system.
Crypto communities have already started working on future developments to solve this problem, but they couldn’t make it far until now. Enter crypto cards.
Crypto cards are the latest developments in the industry that can make a difference. These cards can bridge the gap between the Blockchain-based crypto ecosystem and fiat-based systems.
So what are these crypto cards?
A debit card is the fundamental aspect of the current traditional financial world. It serves two primary purposes
- It connects our bank account to the payment networks across the globe to move funds very easily.
- You can use the card for transactions anywhere and anytime.
Crypto cards do the same things, but we shall connect our crypto wallets to the card instead of connecting your bank account here.
Like the debit card, a crypto card allows us to connect with payment networks and make transactions similar to monetary transactions.
When we buy something from the crypto card, the crypto in your wallet gets directly converted into fiat, and the transaction gets finished within a matter of seconds.
Ledger Launches Crypto Card
Ledger, the company famous for its hardware wallets, the light Ledger Nano S, and the touchscreen Ledger Blue, is introducing crypto cards into the market.
In collaboration with Baanx which will provide management and infrastructure for the cards, the company announced crypto life cards the past week.
The card will be available in the U.K., France, and Germany in the first quarter of 2022.
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.
The card supports cryptocurrencies like BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH, and LTC.
Ledgers’ CEO said that this card would be a step forward in replacing traditional bank accounts.
Features of Ledger crypto card:
- Spend your crypto at any moment: Ledgers’ collaboration with Baanx allows customers to make crypto transactions anywhere and anytime, just like a debit card. The card converts crypto into fiat at the time of purchase to finish the transactions smoothly.
- Liquidity with crypto as collateral: We can now also open a stable coin credit account using crypto as the collateral. Also, interest rates start at 0%. (Note: This feature may be available depending upon the area of residence)
- Withdraw cash from any dispenser: Now, we can withdraw funds using the crypto cards at the nearest dispenser, making it more hassle-free.
- Wide range of coins and tokens: Ledgers crypto card supports almost 9 different crypto coins, and this number is set to increase in the future.
- Receive your paycheck in crypto: we can directly choose a percentage and receive the paycheck in the crypto wallet and store the value of earnings until the time of purchase.
- Ledger Wallet: Ledger Live App gives us complete control over our crypto assets on one platform. We can also manage and top-up the card using the ledger live platform.
Crypto cards enable us to make transactions from anywhere and anytime, just like debit cards in the traditional system.
This certainly can change the way people use crypto and take us a step forward in replacing traditional financial systems.
You’d also like to read our guide on how to track Ledger Wallet Orders.