The Avalanche Foundation introduces a new payment card, enabling users to spend selected cryptocurrencies across Visa-supported merchants.
Dubbed the Avalanche Card, the new payment solution allows users to spend crypto assets like USD Coin (USDC), staked AVAX (sAVAX), and Wrapped AVAX (wAVAX), among others, at any merchant that accepts Visa.
Features of Avalanche Card
The Avalanche Foundation revealed the development today, emphasizing that the card will be available in physical and virtual formats.
Introducing the Avalanche Card! 🔺
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
— Avalanche Foundation 🔺 (@AvalancheFDN) October 21, 2024
According to Avalanche’s website, the solution would function like a credit card. Despite this, users’ transactional activities will not be reported to the credit bureaus. Other interesting features of the card include 24/7 customer support, FDIC-insured, pin changes, zero fees, and spend alerts.
At the moment, the card is not yet available for public use. However, the Foundation urged interested users to join a waitlist to gain early access to the Avalanche Card. To join the waitlist, users are required to visit the card’s website and enter their details, such as email and country of residence, in the “Join Waitlist” section.
Initial Support
Users will receive an email when the card is available in their region. Avalanche specified that the card will initially debut in Latin America and Caribbean countries. However, residents and citizens of Nicaragua, Cuba, Russia, Iran, Syria, North Korea, and Venezuela, among others, are restricted from using the card.
Upon signing up for the card, users will receive a new self-custody wallet as well as unique addresses for each supported asset. Notably, users can perform certain functions directly from the wallet, including showing/hiding card numbers, locking the card to prevent use by unauthorized parties, and pin-changing functions.
The card is offered by fintech company Rain Liquidity and issued by licensed partners across different jurisdictions.
Meanwhile, the development did not have any positive impact on AVAX’s price. At the time of writing, AVAX is down 1.3% over the past 24 hours to $27.50. This decline coincides with the recent drawdown across the broader crypto market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
