Product Overview - Burner cards offer a minimalist design for offline key storage, similar to Ledger or Trezor [1] - These cards use NFC technology for quick onboarding via a smartphone web UI, eliminating the need for apps or firmware updates [1] - Burner cards replace seed phrases with a 6-digit PIN code for authentication [1] Pricing and Setup - At $9 each for Ethereum or Bitcoin editions, Burner cards are approximately 1/9th the price of Ledger's Nano S Plus [2] - Setting up a Burner wallet involves scanning a QR code, establishing an NFC connection, generating a key, setting a PIN, and naming the wallet [2][3] Functionality and Applications - Users can deposit funds from Coinbase, debit cards, or other wallets, with Ethereum and Base supported [4] - Burner cards support onchain apps like DeFi or NFT platforms via WalletConnect [5] - Features include Flexa for IRL payments and a Card Duplicator to clone addresses to new cards [5] Market Positioning - Burner cards are positioned as lightweight personal wallets or disposable crypto gift cards [2] - The industry suggests using Burner cards as a convenient alternative to hardware wallets like Ledger for travel and everyday tap payments [6]

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Business Strategy & Sponsorship - Ledger is doubling down on sports, with 30% of its business in the US, making it the most important market for the company [2] - Ledger's sponsorship of the San Antonio Spurs aims to boost education and sales on both consumer and enterprise levels [3] - The Spurs sponsorship aligns with Ledger's values of humility and hard work, while also providing air coverage and a connection to France [4][5] - Ledger views going public as a means to raise money and fulfill its destiny, not as an end goal in itself [22] - Ledger aims to build a great company with secure and easy-to-use products, targeting the mass market [21][22] Crypto Regulation & Security - The CEO believes US regulation of crypto is a feature, protecting both citizens and businesses, while Europe may have regulated too fast, potentially hindering business [7] - Regulation can create hurdles for smaller companies, protecting larger businesses [8] - Ledger emphasizes the importance of security for digital private property, comparing it to home security [13][14] - Crypto crime is traceable, and users need tools to protect their assets [16][14] Future of Crypto & Wallets - The future is bright for crypto, with everything being built on public blockchains, requiring wallets for private keys and interaction [11] - Ledger believes everyone will need a wallet to hold digital private property as everything becomes tokenized [10][11] - Ledger is focused on providing tools that are easy to use and have backups to ensure access to assets [21]