Avalanche Foundation has introduced a new cryptocurrency card powered by Visa. This will allow users to seamlessly use cryptocurrencies at payment points.
The Avalanche card, announced on Tuesday, supports Circle's USD Coin (USDC), Wrapped AVAX (wAVAX), BENQI Liquid Staked AVAX (sAVAX), and other cryptocurrencies.
Avalanche Card's website says the card is available in both physical and virtual formats and can be used “anywhere Visa is accepted.”
The card is linked to a “self-custodial wallet and a unique address for each asset,” and although the card is a credit card rather than a debit card, your activity “will not be reported to credit bureaus.” Furthermore, there are no usage fees.
Avalanche card is now available! 🔺
You can use WAVAX, USDC, sAVAX, etc. anywhere Visa is accepted.
Enjoy seamless transactions with both physical and virtual cards, 24/7 dedicated support, and our popular app.
The future begins now! Join our waitlist to see everything we have to offer. pic.twitter.com/NUmW93sX5P
— Avalanche Foundation 🔺 (@AvalancheFDN) October 21, 2024
Rain Liquidity, a financial technology services provider, acts as the card issuer. Avalanche emphasizes that neither Avalanche nor Rain Liquidity are banks and the cards are not insured by the FDIC.
“Avalanche Card and Rain Financial are not asset managers,” Avalanche said on the Avalanche Card website, and “the assets securing your Avalanche Card account are owned and held by you.” The value of any cryptocurrency, including digital assets pegged to fiat currencies, commodities, and other assets, can fall to zero. ”
The Avalanche Card will initially be available to residents of Latin America and the Caribbean. Residents or nationals of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, and certain regions of Ukraine are not eligible to participate.
Earlier this month, the Avalanche Foundation announced an agreement to buy back 1.97 million AVAX tokens from Terraform Labs' bankruptcy estate.
Luna Foundation Guard (LFG) purchased $100 million worth of Avalanche’s AVAX tokens to shore up its reserves in April 2022, one month before the collapse of the Terra ecosystem.
Avalanche Foundation buys back 2 million AVAX from Luna Foundation guards on Terra
Avalanche Foundation seeks repurchase of 1.97 million AVAX tokens from Terraform Labs' bankruptcy estate, which increased AVAX's price by more than 15%
