Ledger Live Introduces Floating Swap Rates
- The new option will ensure lower fees when swapping assets through the Ledger Live app.
- Floating swaps also increase the swap limit from $50,000 to $5 million per transaction.
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According to Ledger’s press release, the floating rate option will provide its users with more flexibility. Until now, swapping assets through the Ledger Live app had to be done with a fixed rate guaranteed by Changelly, and while this provided users with a guarantee of the amount they were going to receive from each swap, the mechanism often resulted in high fees that allowed the partner to compensate for price variations.
With a floating rate, the outcome of a swap will depend on the asset’s price at the moment the transaction is validated. This means that the swap rate the user gets through the Ledger Live app will depend on the market price of both assets at the time of the swap.
As the swap rate is guaranteed neither by Ledger nor by Changelly, the fees remain much lower than swapping with a fixed rate. Aside from lower fees, the floating rate also increases the maximum amount that can be swapped. Ledger said that the floating rate enables swapping up to $5 million per transaction—a significant increase from the $50,000 per transaction limit with the fixed swap rate.
- Ledger faced backlash from the crypto community last week after announcing its Ledger Recover service, which will allow users to restore their private keys.
- The company has now said that it will delay the launch of Recover until it has open-sourced some core components of its OS and Recover codebase.
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- Unnamed sources have said that the company is currently in talks with interested parties to raise at least $100 million in a new funding round.
- The same people noted that Ledger had experienced growth in its business over the past months, as investors turn to cold storage.
- The so called Visa Crypto Life card will be launched in the U.K., Germany, and France in Q1 of 2022, while the U.S. release is scheduled for Q2.
- Ledger also partnered with FTX, giving its Ledger Live users access to the exchange’s liquidity, leverage, and trading options.