I have topped up via USDT to Ledger Crypto Wallet - and sold it to GBP (British Pounds). However, it seems that the Ledger Virtual Card Only Linked to Crypto Wallet (I double checked that I do have funds in the "Accounts" via Stablecoins-GBP Wallet:
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Crypto Ledger Virtual Card[/caption]
Current Observed Fees using Ledger Crypto Card:
- Exchanging Stablecoin USDT to GBP costs 1.5%
- Withdrawal to Bank Account: 2%
That is not ideal - the Crypto card should be linked to Fiat (in this case GBP, USD or EURO) so that we can choose to sell (exchange to fiat) whenever we want. Rather than exchanging at real time at card transactions. The Cryptocard from Ledger can only be funded by Crypto Wallets rather than Local Currency (Fiat Wallets).
Here are the responses from the support - which was really quick:
Kindly be informed that the CL card can only be funded with crypto. It is required that you exchange your GBP into any of the available cryptocurrency of your preference, and then set the wallet as a funding source for your card.
Once you've exchanged fiat for crypto, follow the steps below to select the wallet as a funding source for the card.
- Select the card tab.
- Select the "Fund" button shown on the digital card.
- Select "Connect your accounts".
- Select the crypto wallet/s you wish to fund your card with.
- Press continue.
You will now see the selected wallet displayed within your funding wallets list.
To manage the Ledger Cryptocard, you would need to run the Ledger-live application.
Q: When the card transactions occur, the crypto will be exchanged to fiat (local currency) at that time, right?
In response to this, we confirm that crypto funds are converted into fiat funds (GBP, EUR or USD), allowing you to use your crypto assets for general day to day purchases. Please keep in mind that we charge a small 2% liquidation spread on each transaction.
See also: Introduction to Ledger Virtual Crypto Card
Posted via Ledger Crypto Virtual Card Only Linked to Crypto Wallet
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--EOF (The Ultimate Computing & Technology Blog) --
Update: Most Crypto Cards do not support Apple Pay (so a Virtual Card can basically only be used for online shopping), but as of today, Ledger Crypto Cards (Virtual and Physical) can be added to Apple Wallets so that you can use even a Virtual Card as a Physical one via Apple Pay: see this post: Crypto Ledger Card Supports Apple Pay for more details.
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Crypto Ledger Card Added to Apple Wallet (Support Apple Pay)[/caption]