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Key Takeaways
- Avalanche Visa card enables direct crypto spending at Visa merchants in Latin America and the Caribbean.
- Users manage their crypto assets through a self-custody wallet with no transaction fees.
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Avalanche has launched a new Visa card for crypto payments, allowing users to spend assets like WAVAX, USDC, and sAVAX at any merchant that accepts Visa.
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
Initially available in Latin America and the Caribbean, the card offers both physical and virtual options, 24/7 support, and seamless integration with popular apps for convenient transactions.
Unlike traditional credit cards, the Avalanche Card doesn’t report activity to credit bureaus. Instead, users spend directly against their crypto assets, which are secured in a self-custody wallet provided upon sign-up.
When signing up, each user is provided with a unique address per asset in their wallet, giving them full control over their digital funds.
Despite its flexibility, users are advised that the card is not FDIC insured, and token values may fluctuate, with the potential for assets to lose their value entirely.
There are no fees for spending assets with the Avalanche Card, although users are encouraged to review the card terms for a full list of any applicable card or service fees.
Avalanche Card is issued by Rain Liquidity, a financial technology company, and is powered by Rain.
While the card provides access to spend crypto like any traditional card, users must be mindful of tax implications, particularly when spending assets other than USDC, as selling crypto may trigger taxable events.
Despite AVAX trading at $27.7, down 80% from its all-time high of $146, Avalanche’s new spend card offers a practical solution for crypto holders to use their assets in everyday transactions. The card is expected to expand into other regions, bringing crypto-powered spending to a broader audience.
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This article first appeared at Crypto Briefing
