2024-10-23
The Avalanche Foundation, the
organization behind the Avalanche blockchain platform, has taken a significant
leap toward bridging the gap between cryptocurrency and everyday spending with
the introduction of the Avalanche Card.
Launched in partnership with Visa, one
of the world’s leading payment networks, this card allows users to spend their cryptocurrencies
wherever Visa is accepted, making it a powerful tool for cryptocurrency
enthusiasts.
Key Features of the Avalanche Card
The Avalanche Card is a spend card
that provides users with the ability to make purchases against the value of
their cryptocurrency assets, including well-known digital currencies such as
Wrapped AVAX (wAVAX), BENQI Liquid Staked AVAX (sAVAX), and Circle’s
stablecoin, USD Coin (USDC).
This diverse selection allows users to
seamlessly spend their holdings at millions of merchants globally without
needing to convert them into fiat currency.
Moreover, the card is available in both
physical and virtual forms, enabling users to pay at physical points of
sale or online with the same ease and security as they would with a traditional
debit or credit card.
This flexibility in payment methods
makes the Avalanche Card a unique and convenient option for users who want to
leverage their crypto assets in everyday transactions.
A Focus on Self-Custody and Privacy
One of the standout features of the
Avalanche Card is its self-custody wallet system. When signing up for
the card, each user receives a new self-custody wallet, along with a unique
address for every supported asset. This ensures users maintain direct control
over their crypto funds.
User activity with the Avalanche Card
is not reported to credit bureaus.
No hidden fees
Users are not charged any fees when
spending their crypto assets using the card.
Powered by Rain Liquidity
The Avalanche Card is offered through Rain
Liquidity, a provider of financial technology services that facilitates
seamless transactions for its users. However, it is important to note that
neither Rain Liquidity nor the Avalanche Card operates as a traditional bank.
As such, funds stored in users' wallets are not protected by the Federal
Deposit Insurance Corporation (FDIC), which insures deposits in most
conventional banks in the United States.
Availability
Initially, the Avalanche Card
will be rolled out in select jurisdictions, focusing on countries in Latin
America and the Caribbean.
Residents or citizens of countries and regions
such as Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, and the
disputed areas of Crimea, Luhansk, and Donetsk are not eligible to sign up for
the card.
The Avalanche Card is a Credit Card
that linked to a self-custody wallet and unique address per asset. When you
sign up for Avalanche Card, you will get a new self-custody wallet and unique
address per asset.
