The Avalanche Foundation launches a Crypto spending Card that is linked with a self-custody wallet and unique address per asset.
A Visa cryptocurrency card has been introduced by the Avalanche Foundation, a nonprofit organization responsible for the cryptocurrency and blockchain platform Avalanche.
On October 21, Avalanche announced the launch of the Avalanche Card, a new Visa card that enables users to spend cryptocurrency on X.
Per the post, the new Visa card from Avalanche will include support for Circle’s USD Coin stablecoin, BENQI Liquid Staked AVAX (sAVAX), and Wrapped AVAX (WAVAX).
The Avalanche Card will be available in both physical and virtual forms, enabling users to spend their crypto “wherever Visa is accepted,” according to the foundation.
Self-custody pocketbook is associated with the Avalanche Foundation Card
The credit card is associated with a “self-custody wallet and unique address per asset,” as the Avalanche Card website states. User activity is “not reported to the credit bureaus,” according to the card’s description.
According to the website, the Avalanche Card, which the Avalanche Foundation initially introduced, is now offered by Rain Liquidity, a provider of financial technology services.
In addition, the Avalanche Card and Rain Liquidity are not institutions and are not insured by the Federal Deposit Insurance Corporation, as indicated by the card’s details:
“The Avalanche Card is issued by partners licensed in their respective jurisdictions. Cryptocurrency is not legal tender and may lose value.”
Latin America, Caribbean were among the initial jurisdictions that received support
The Avalanche Card website indicates that it will be initially accessible to residents of Latin America and the Caribbean.
According to the website, individuals who are residents or citizens of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, and the regions of Crimea, Luhansk, and Donetsk are ineligible to register, irrespective of their location.
The Avalanche Card’s details also indicated that there is no spending fee. Users were advised to consult the complete catalog of card and service fees included in the card’s terms.
The cryptocurrency industry has previously witnessed the introduction of crypto payment cards, as reported by Cointelegraph. Certain cards enable users to directly expend cryptocurrencies such as Bitcoin from their self-custody. According to the issuer, Tangem’s Visa card is one such solution as it allows for individuals to send cryptocurrency directly from the self-custodial wallet.
