Avalanche Foundation Launches Visa Cryptocurrency Card

The Avalanche Foundation, the nonprofit entity behind the Avalanche blockchain platform, has launched a new Visa cryptocurrency card.

This innovative offering, known as the Avalanche Card, was announced on October 21. It allows users to spend their cryptocurrency in a convenient way, ensuring broader accessibility.

The Avalanche Card supports several digital assets, including Circle’s USD Coin (USDC), Wrapped AVAX (WAVAX), and BENQI Liquid Staked AVAX (sAVAX), among others.

The card will be available in both physical and virtual formats, allowing users to utilize their crypto assets “wherever Visa is accepted.” This feature opens up a world of possibilities for cryptocurrency holders.

Self-Custody Wallet Integration

According to information available on the Avalanche Card’s website, this credit card is linked to a self-custody wallet, which generates a unique address for each asset. Additionally, user activity is not reported to credit bureaus, providing a level of privacy.

While the Avalanche Foundation introduced the card, it is facilitated by Rain Liquidity, a financial technology service provider.

It is important to note that the Avalanche Card and Rain Liquidity are not classified as banks and do not have Federal Deposit Insurance Corporation (FDIC) coverage. Additionally, the card’s disclaimer states:

“The Avalanche Card is issued by partners licensed in their respective jurisdictions. Cryptocurrency is not legal tender and may lose value.”

Available Regions for the Avalanche Card

The Avalanche Card will initially be accessible to residents of select countries in Latin America and the Caribbean.

However, individuals from countries such as Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, and regions like Crimea, Luhansk, and Donetsk are not eligible for registration, regardless of their location.

The card’s website states that users will not incur any spending fees when using the Avalanche Card, but they are encouraged to consult the complete list of fees detailed in the card’s terms and conditions.

Overall, this development aligns with the recent trend seen in the cryptocurrency sector, as various platforms have begun offering crypto payment cards. These cards enable users to make transactions using cryptocurrencies like Bitcoin directly from their self-custody wallets. An example includes Tangem’s Visa card, which lets users send crypto from their self-custodial wallets effortlessly.