Layer-1 blockchain developer Avalanche Foundation recently launched its new Visa card. This move aims to bridge the gap between crypto and traditional finance, making digital assets more accessible and usable.
Avalanche Launches Visa Card
The Avalanche team noted that Rain Liquidity, a financial technology company, offers the card and is FDIC-insured, ensuring deposit protection. The card is available in physical and virtual formats, providing flexibility and convenience.
Even though the card functions like a credit card, users can utilize it without impacting their credit score, as there are no credit checks or reports to credit bureaus. The team believes the card is ideal for crypto holders seeking easy spending solutions without traditional credit card constraints.
According to the official announcement, the Avalanche Card currently supports three crypto assets: Wrapped AVAX (WAVAX), USD Coin (USDC), and Staked AVAX (sAVAX). The team hopes to support more assets in the future.
Notably, the card will be initially available to residents of Latin America and the Caribbean, but certain countries and regions are excluded due to regulatory restrictions.
How Avalanche’s Crypto Card Works
The card supports instant crypto-to-fiat conversion, enabling users to effortlessly make purchases anywhere Visa is accepted. This eliminates the need for manual conversions and processing delays.
The Avalanche team claims the card will offer a secure crypto spending experience. As the cards are rolled out to users on the waitlist, they will receive a self-custody wallet with unique addresses for each crypto asset.
The official website highlights that the card features customizable security controls. Users can set up spending alerts to track transactions in real-time, freeze the card instantly if it is lost or stolen, and change their PIN at any time.
The team further assured users that any queries or concerns about the card would be addressed promptly via dedicated customer support. Additionally, users can enjoy spending with zero fees.
Traditional Institutions Embrace Crypto
The crypto industry keeps growing as more financial institutions embrace crypto. Recently, payment processing firm Stripe finalized its acquisition of stablecoin platform Bridge for $1.1 billion. This massive deal marks the fintech’s largest acquisition to date and shows the growing importance of stablecoins in global payment ecosystems.
Mastercard also partnered with Mercuryo, a European crypto payment company, to create a euro-denominated crypto debit card. Similar to Avalanche, the card enables users to spend crypto from their self-custodial wallets at millions of merchants globally, expanding the reach of digital assets in everyday transactions.
