The Avalanche Foundation has introduced a new payment card, enabling cryptocurrency holders to use their assets in everyday transactions.
What is the Avalanche Card
The Avalanche Card is a crypto-powered payment card created in partnership with Rain, a liquidity provider. It allows users to make purchases anywhere Visa is accepted using their digital assets. At launch, it supports AVAX, Wrapped AVAX (wAVAX), USDT, and USDC, with crypto funds converted to fiat at the time of transaction. Key features include spending alerts, PIN changes, and freeze options.
Why the Avalanche Card Matters
Millions of people in Latin America, Africa, and Southeast Asia face high banking fees and limited access to financial services. The Avalanche Card offers an alternative financial solution, enabling users to bypass traditional banking restrictions and utilize cryptocurrencies for everyday expenses. It empowers financial freedom, reduces reliance on banks for cross-border payments and expenses, and integrates crypto into mainstream finance. However, due to regulatory restrictions, it is unavailable in regions like Cuba and Russia.
How the Avalanche Card Works
Unlike typical prepaid crypto debit cards, the Avalanche Card operates more like a credit card. Users load the card with crypto and have a spending limit set at 50% of the USD value to account for volatility. The conversion is delayed, and transactions are settled once a day, allowing users to maximize asset value and avoid forced selling due to market fluctuations. Using the card may trigger tax obligations depending on the asset used.
The Avalanche Card presents a new way to use cryptocurrencies in daily life, streamlining the payment process and expanding access to financial services worldwide.
