In fact, there’s quite a few options available that will allow you to spend your crypto balances for everyday purchases. Of course, the CL Card powered by Ledger is not the only crypto card available on the market. However, the platform does charge a 1% monthly percentage rate if you tap into more than 10% of your collateral. As long as your LTV is kept below 10%, you can benefit from interest-free spending. CryptodraftĬryptodraft is a crypto credit line feature that allows users to spend up to 60% of the value of their collateral as credit. If the value of your collateral ddrops too much, you might be required to add additional collateral. Therefore, it’s important to monitor your LTV (loan-to-value) ratio. Like with any other crypto-collateralized lending product, you need to keep in mind that the assets you use as collateral can be volatile. The interest is credited monthly, and will be automatically deducted from your wallet. You can take out a loan with a duration between 3 and 12 months, but you can settle the loan at any time you wish. The CL platform provides a calculator which will tell you how much collateral is required given your desired loan amount, length and interest rate.
You can use the feature to borrow the USDC, USDT and EURT stablecoins. At the moment, you can use either BTC or ETH as collateral to borrow funds via Stableloan. Stableloan is a crypto lending feature that allows users to provide their cryptocurrencies as collateral to borrow funds. However, CL Card holders also get access to extra features such as the ability to use their crypto as collateral to borrow funds. Stableloan and Cryptodraft featuresīy partnering with Baanx to launch the CL Card, Ledger has delivered a very convenient way for users to spend their crypto holdings and earn some cashback rewards along the way. At the end of each month, you will receive the cashback reward according to how much you spent using your card during the month. The cashback rewards are calculated and distributed on a monthly basis. Users who choose BTC or USDT will see 1% cashback rewards, while 2% cashback rewards are available for users who choose to receive them in the BXX token. Currently, users can choose between Bitcoin (BTC), Tether (USDT) and Baanx (BXX). The rewards are paid out in the form of crypto assets. The CL Card provides cashback rewards on every purchase. Please note that you will need to verify your identity using the CL platform if you want to get and use the CL Card. If you already own a Ledger wallet, you can get the CL Card by creating an account on the CL platform.
LEDGER LIVE APP PLUS
Check out our comparison between the Ledger Nano X and S Plus to find out which Ledger wallet is right for you. Ledger wallets are quite affordable and will drastically improve the security of your crypto holdings. If you own a meaningful amount of crypto, buying a Ledger wallet is a good idea even if you don’t plan on getting the Ledger card. In order to get the CL Card powered by Ledger, you’ll need a Ledger hardware crypto wallet. You can use the CL Card to spend cryptocurrencies like BTC, ETH, USDT, USDC and EURT. Your crypto will be automatically converted into the local currency at the time of purchase. Once you top up the CL Card with some crypto, it’s ready to spend at any merchant that accepts Mastercard. The “CL” in the card’s name stands for “Crypto Life”.ĬL Card owners can seamlessly transfer crypto from their hardware wallet to the card using the Ledger Live app. The card itself is offered by fintech company Baanx, and is available to customers in the United Kingdom and the European Economic Area (EEA). The CL Card is a prepaid Mastercard card powered by technology from cryptocurrency security firm Ledger. If you’re an active cryptocurrency user and use Ledger’s hardware wallets, the CL Card powered by Ledger can be an extremely convenient tool that will enable you to spend your crypto just as conveniently as what you’d get from using any other debit or credit card. The card offers cashback on all purchases, and is integrated with Ledger’s Ledger Live wallet software.
The Ledger Card is a crypto card that allows you to spend your cryptocurrency seamlessly at more than 90 million merchants.
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