The Avalanche Foundation has launched the Avalanche Card, facilitating the use of cryptocurrency in daily transactions.
What is the Avalanche Card?
The Avalanche Card is a crypto-powered payment card created in partnership with liquidity provider Rain. It allows users to spend their digital assets wherever Visa is accepted. Key features include support for physical and digital versions, initial support for AVAX, Wrapped AVAX (wAVAX), USDT, and USDC, and conversion of crypto funds to fiat when transactions are processed.
Why the Avalanche Card Matters?
The card provides an alternative financial solution for people, especially in Latin America, Africa, and Southeast Asia, struggling with high banking fees and limited access to financial services. It enables users to bypass traditional banking restrictions. However, access to the card is restricted in some regions due to regulatory issues, including Russia, Cuba, and North Korea.
How the Avalanche Card Works
Unlike typical prepaid crypto cards, the Avalanche Card operates like a credit card. Users load the card with crypto, setting their spending limit. Transactions aren't processed instantly but accumulate and settle once a day. The card also allows balance freezing, dispute charges, and spending alerts.
The Avalanche Card opens new possibilities for using cryptocurrency in real life, reducing reliance on traditional banking services.
