Avalanche and visa partner to launch crypto payment card
Avalanche Foundation has unveiled a Visa cryptocurrency card. The Avalanche Card, a new Visa card that enables users to spend crypto, was announced by Avalanche on X on October 21.
Introducing the Avalanche Card! 🔺
— Avalanche Foundation 🔺 (@AvalancheFDN) October 21, 2024
Spend your WAVAX, USDC, sAVAX, and more wherever Visa is accepted.
Enjoy both physical and virtual cards, 24/7 dedicated support, and seamless transactions through popular apps.
The future starts now! Join the waitlist and check out the full… pic.twitter.com/NUmW93sX5P
Visa is deepening its connection to the crypto sector via a partnership with the Avalanche Foundation, a nonprofit organization behind the cryptocurrency and blockchain platform Avalanche.
The post said that Avalanche's new Visa card will support other cryptocurrencies, including BENQI Liquid Staked AVAX (sAVAX), Wrapped AVAX (WAVAX), and Circle's USD Coin stablecoin.
Users will be able to spend their cryptocurrency "anywhere Visa is accepted" with the Avalanche Card, which will be available both physically and virtually.
Avalanche visa cryptocurrency card
A self-custody wallet, which is linked to the Avalanche Card, provides users with a unique address for each kind of cryptocurrency they hold.
Using the Avalanche Card won't affect users credit scores because purchases made with this card "are not reported to the credit bureaus," according to the card's website. Although it was initially introduced by the Avalanche Foundation, the Avalanche Card is now offered by Rain Liquidity, a provider of financial technology services.
The card's information also states that Rain Liquidity and the Avalanche Card are not banks and are not covered by the Federal Deposit Insurance Corporation, stating that "partners licensed in their respective jurisdictions issue the Avalanche Card." Cryptocurrency may lose value and is not considered legal tender.
Eligible countries
According to the Avalanche Card's website, people who live in Latin American and Caribbean countries will be the first to be eligible for the card. However, citizens of some countries, such as Cuba, Venezuela, Russia, Nicaragua, Syria, Iran, and North Korea—along with the regions of Crimea, Luhansk, and Donetsk—are not eligible to apply for the card.
According to the card details, which also advise users to check the full list of card and service fees in the card's terms, the Avalanche Card has no spending fees.
The announcement might have had a positive impact on the price of AVAX. As of writing, AVAX is trading at $27.71, down 0.21% over the last day.
Cryptocurrency payment cards
Because cryptocurrency cards provide users with a practical means of utilizing their digital assets in their daily lives, Sergej Kotliar, the CEO and founder of Bitrefill, a cryptocurrency payment company, believes that they will remain useful in 2024.
On July 4, 2024, the cryptocurrency wallet startup Tangem revealed that it is collaborating with Visa to integrate traditional payments and self-custody. In February 2022, Visa for Tangem validated this payment method.
Disclaimer
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