Lombard launches its standalone LBTC app within Ledger Wallet

What happened

Lombard's official notice reports that its standalone app is live inside Ledger Wallet, replacing the earlier Figment app route for LBTC access.

What changed

Lombard becomes the app provider for the Ledger route. The notice limits this app to Ethereum and describes the offered LBTC yield as a Bitwise-managed covered-call strategy.

What did not change

The notice says existing balances and positions continue without required user action and LBTC remains the sole BTC Yield strategy. It establishes no BTC.b change, approval, guaranteed yield, or direct self-custody of the underlying reserve Bitcoin.

Confirmed

• The official notice reports the standalone Lombard app as live in Ledger Wallet.
• The app is available on Ethereum only.
• Existing LBTC positions accessed through the Figment app are described as continuing and manageable through the new app without required action.
• The notice describes a variable, non-guaranteed 2.5% Bitcoin-denominated APY target from a covered-call strategy managed by Bitwise Investment Manager, LLC.
• The notice states that covered calls cap upside and do not protect against Bitcoin price declines.

Still open

• App transaction flows, deployed routing addresses, permissions, and proposed-size redemption were not independently exercised.
• The notice does not date or establish execution of the underlying yield-strategy transition.
• The existing LBTC memo's Babylon and incentive-oriented reopening conditions require reconciliation with the now-described covered-call strategy.
• Updated custody, reserve segregation, strategy counterparty, fee, and redemption evidence remains necessary.

What it means for an advisor

• Review the lombard-lbtc diligence file's provider and access-route map, Ethereum limitations, and continuity claims.
• Reconcile the memo's yield-source assumptions and reopening criteria with the covered-call strategy before any eligibility reconsideration.
• Retain the existing policy exclusion pending that review; wallet custody of LBTC does not establish custody or bankruptcy protection for its backing.